In the latest real estate statistics released by the Urban Redevelopment Authority (URA) today (July 24), it is revealed that the vacancy rate of private residential properties hit a 10 year height of 7.9%.

The stock of completed private residential units (excluding ECs) increased by 6,889 units in 2nd Quarter 2015. The vacancy rate of completed private residential units (excluding ECs) increased to 7.9% at the end of 2nd Quarter 2015, from 7.2% at the end of 1st Quarter 2015.

Photo from URA
Photo from URA
Photo by URA
Photo by URA

Private residential price index and the rental index have also continued their decline from its peak in the 3rd quarter of 2013. The

Singapore’s private residential properties have been oversupplied by a construction boom and the influx of foreigners in recent years. High net-worth foreigners are attracted to Singapore’s absence of capital gains tax and hence invested heavily in Singapore properties.

You may view URA’s data here.