If you love statistics look no further than Singapore´s Urban Redevelopment Authority.
Their Q2 data shows that, as far as private residential properties were concerned, the rate of price increases continues to moderate.
Prices of private residential properties increased by 2.0% in the second quarter, lower than the 2.2% increase in the previous quarter.
This was the seventh consecutive quarter in which the rate of increase in private housing prices had moderated, which will be good news for everyone and suggests that the Government´s anti speculative measures may be working.
For those considering opening an office in Singapore – and there are quite a few around at the moment – they will be pleased to hear that the rate of increase in rentals and prices has reduced.
Rentals for office space, based on leases which had already started, increased by 1.5% in the second quarter, lower than the increase of 5.4% in the first three months of the year. Prices of office space increased by 3.6% in the second quarter, lower than the 4.9% increase in the previous quarter.
There is a real concern that Singapore is becoming a victim of its own success. Housing inflation is a significant topic in recruitment negotiations but in a state whose am is to continue to attract foreign companies and workers (42% of the population are foreigners) it seems that, despite the current slowdown in growth, the only way is up.
With so many companies now looking at offshoring accounting and admin functions away from Singapore and complaints of support staff job-hopping for a few dollar more Singapore has now officially been labelled the third most expensive country in Asia for expatriates.