Still a pretty hot market 💰
Despite slowing, Bloomberg Intelligence analysts predict rents are set to rise another 10-15% in 2023, driven by the country’s continued economic recovery, as well as resilient employment and household income.
Still, the market may show early signs of moderation with 18,234 private residential units expected to be built this year, according to Bloomberg Intelligence real estate analyst Ken Foong, using calculations based on data released by Singapore’s Urban Redevelopment Authority in the third quarter. That’s slightly more than double the number of units built last year.
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