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SINGAPORE: “The property market is nuts,” wrote one Reddit person who mentioned that he had determined to depart Singapore as a result of life has grow to be too costly.
To his shock, the one-bedroom condominium he had been renting for $2,200 a month was snapped up rapidly at an enormous markup.
“I used to be renting my 1 bed room apartment for two.2k a month in Boon Keng. The agent marketed the unit for 3.8k and located a brand new tenant who signed for 3.9k inside 2 weeks!,” wrote u/redditisnewtomeokay on r/Singapore on Monday (Feb 27).
As excessive property costs are actually an essential subject in Singapore, the thread went viral, getting over 400 feedback in lower than 24 hours.
One netizen wrote that he’s additionally renting in Boon Keng, and that he used to pay $3,500 for a three-bedroom flat. Since his lease is up quickly, the hire has been elevated to $5,500 for 2 years.
“I mentioned no means we will afford that. Landlord discovered somebody is prepared to 6k for this residence. Apparently some Chinese language couple signed the lease for 6k, then later they’ll divide the lounge to a different 2 rooms… I don’t know man. I feel it’s actually time to depart Singapore. It’s simply getting ridiculous.”
One other was shocked {that a} one-bedroom Boon King flat was so costly.
One expressed concern for youthful Singaporeans, writing that they’re “caught within the cycle the place they’re unable to afford” a roof over their heads.
“$2.5K hire nonetheless doesn’t permit me to have a pleasant studio with correct kitchen the place I can freely bake, enhance my dwelling to make it ‘dwelling’. Getting back from a protracted work day to a small rat gap (that prices $2.5k…) could be very miserable for an introvert whose 80% of the private time is indoor…,” one other opined.
“The rental in SG has at all times been excessive however now it’s SF/NYC/London costs, with out the upper wages that working in these cities convey,” one wrote.
One other chimed in, “Most are roti prata on floor by both agent or LL himself – creating urgency. We additionally planning to maneuver out already. Years of yearly increment adopted up with this value rising.”
“Mainly I’ll be pressured to remain in my mum or dad’s home for the remainder of my life. By the point I attain 35, it’ll be inconceivable to even purchase a BTO, irrespective of how a lot grants I can obtain. At this level would possibly as effectively use the downpayment cash to renovate my mum or dad’s home,” wrote one Reddit person.
The South China Morning Publish reported earlier this month that the common rental value for properties in Singapore has surpassed that of Hong Kong.
The report in contrast rental fees in three main places and located that the common month-to-month hire in Singapore’s central area elevated by 29.7% to S$5.77 per sq. foot as of December 2022, whereas Hong Kong’s common hire for the same area was HK$33.54 (equal to S$5.70).
/TISG
Rental costs in Singapore surpass Hong Kong, the world’s most costly housing market
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