New Rent high achieved for private homes in Jul 2012

According to a report by a real estate consultancy firm, new rental value high in terms of per square foot basis was recorded in July 2012. The median rents for non-landed homes went up by 7% or $3.60 psf /month and rents for landed homes went up by 2% or $2.81 psf /month. Overall, rents for July 2012 hit a record $3.52 psf /month which surpassed the previous high in May 2012 at 3.46 psf /month.

In terms of leasing volumes for private homes, 4,717 transactions were done for that month which was 11% higher than June 2012.

From January to July 2012, leasing contracts went up by 5% to 27,932 versus the same period in 2011 This translates to a leasing value of $137 million which is 8% higher than the $126 million as compared to the same period in the previous year.

Even though newly arrived expatriate tenants seems to have restrained rental budgets, rents value in terms of psf basis went up as they rented the compact apartments notwithstanding that the terraced homes recorded the highest rental value increment of 1.6%.

30 Aug 2012