Weakening demand and record levels of new housing supply have contributed to a softening private residential leasing market over the past two-and-a-half years, with the Urban Redevelopment Authority’s (URA) rental index for private homes falling by 9.1 percent from Q3 2013 to Q1 2016, revealed a JLL report.
To meet pent-up demand following the 2008 Global Financial Crisis, robust government land sales and collective sales between 2010 and 2012 led to record levels of newly completed condominiums entering the market in recent years.
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