Rental prices for private apartments in Singapore rose to record levels last month, with experts predicting that even bigger increases are expected.
Notably, rents for condominiums in Singapore rose by 2.3% in April, compared to a month earlier to beat the previous high in 2013.
Meanwhile, Housing Development Board (HDB) flats also rose, by 1.9%, breaking another record high, that recorded in August 2013.
According to Bloomberg, rental prices of private flats have risen for 16 consecutive months, registering a year-on-year rise of 15% in April.
Similarly, rental prices for HDB flats in the last 22 months have only moved upwards.
[BR][BR]"Rents will continue to rise as demand is supported by both local residents and newly arrived foreigners," said Nicholas Mack, head of research at Singapore-based APAC Realty Ltd's ERA unit. "As Singapore opens its borders to the rest of the world, more foreign workers, students and their families will move to Singapore to work, study and live here," Mac said.
Source: newmoney.gr
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