ECA survey result from Straits Times

According to the latest accommodation survey by ECA International, Singapore’s ranking for high-end rental has fallen to 7th place in Asia this year, three places from 4th in 2016. The survey compared luxury high-end 3-bed room apartments across 230 cities in the world. Based on the survey, such accommodation in Singapore cost S$6,426/month on average.

Renters of Singapore’s exorbitant 3-room condominiums are usually foreign expatriates working in Singapore, and the survey result is often used as a reference by multi-national companies (MNCs) to deploy executives.

Asia regional director of ECA International, Lee Quane, said:

“Firstly, expatriate numbers in Singapore have stabilised recently, which has curbed demand for rental property in popular expatriate neighbourhoods. Furthermore, improved transport links in Singapore have led to movement away from historically popular districts such as 9-11 to cheaper locations. Singapore has also received more assignees from places such as China, Malaysia, Taiwan and Thailand whose housing budgets are likely to be lower. These factors, combined with an increased supply of property in the market, have caused landlords to respond by reducing rental prices.”