Singapore residential leasing volume drops 24.2% to 19,733 units in Q4 | Real Estate Asia
, Singapore

Singapore residential leasing volume drops 24.2% to 19,733 units in Q4

Blame the steep drop in rental contracts for landed houses.

According to a Savills report, given a likely shrinkage in net new demand from foreign employees, coupled with seasonal factors, the leasing volume of private residential properties (excluding executive condominiums) in Singapore fell by 24.2% QoQ to 19,733 transactions in Q4/2024.

The decline in leasing volume was mainly due to a 30.8% QoQ drop in rental contracts for landed houses island-wide.

Here’s more from Savills:

Similarly, leasing volume for overall non-landed apartments and condominiums saw a 23.7% QoQ decrease, with declines observed across all three market segments ranging from -25.0% to -23.0%. However, on a YoY basis, overall leasing numbers rose 3.7%.

In Q4/2024, the top five non-landed private residential projects by leasing volume were Parc Esta, Marina One Residences, The Sail @ Marina Bay, Normanton Park and D’Leedon, with a total of 642 rental contracts commenced.

Mirroring the island-wide leasing market, the rental contracts among these five developments were highly skewed toward smaller units, with one-bedroom units dominating at nearly half (47.4%) of the total contracts, followed by two-bedroom units at 31.3%.

In contrast, the demand for larger units was very low, with the exception of D’Leedon, which caters more to families due to its proximity to some top schools in Singapore.

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