Chart of the Day: Take a look at the massive plunge in luxury residential rents

Rents slipped 5.8% in Q4.

Luxury condominium rents posted the biggest decline in the fourth quarter. Apart from the harsh bite of cooling measures, high-end rents are also suffering from expats' reduced housing allowances.

According to Savills, luxury property rents fell 1.9% quarter-on-quarter and 5.8% year-on-year to $4.57 per sq
ft in the fourth quarter.

"The high-end, luxury market will remain acutely strained as housing allowances are continually trimmed. Smaller housing budgets as well as the decentralisation of offices to the suburbs will shift the focus of the leasing market away from CCR to RCR and even OCR as expatriates seek accommodation nearer their workplaces. Nevertheless, homes in CCR will continue to remain the jewel of Singapore’s leasing market," stated the report.

"The pressure on rents of high-end luxurious condominiums in the CCR will continue as long as housing allowances face more constraints amid the current gloomy global economic conditions," the report added.

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