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Expat Residents Request Rent Cuts Amid Economic Downturn

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Experts are saying that Singapore is projected to sink into a recession this year as a result of the circuit breaker extension. According to the Singapore Central Bank, businesses are bracing themselves for a further plunge in the economy.

Hard Times Ahead Even for Expats in Singapore

It is reported that even residents within exclusive residential areas such as Sentosa Cove are filing for rent relief requests of up to 20%. Most landlords are willing to accept rental income loss within limits, as some income is better than no income.

Singapore’s Rental Market Historically Dominated by Expats

Expats form an extensive proportion of the private rental market, while 80% of Singaporeans reside within the Housing and Development Board (HDB) flats.

While the government has paid out over $7 billion to employers in April to co-fund the wages of some 1.9 million local workers, the majority of this funding has gone to safeguarding Singaporean jobs. With expat investment prospects becoming shaky, this could mean a prolonged slowdown in foreign investments for many months to come.

Selling or renting your property during COVID-19? Talk to our in-house real estate consultants.

Call +65 6886 9009.


Source: The Straits Times


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