Property News

Vacancy Rate of private homes hit 10-year high

February 1, 2016

vacancy rate

According to the Urban Redevelopment Authority, Singapore’s private home vacancy rate recorded in the fourth quarter of last year is the highest since 2005.

Singapore’s private home vacancy rate rose 0.3 percentage points to 8.1 per cent in the fourth quarter of last year, latest Urban Redevelopment Authority data showed.

There were 26,517 vacant private homes, up from 25,169 in the third quarter of 2015. This is the highest vacancy rate recorded since 8.4 per cent in the fourth quarter of 2005.

The data comes amid a weaker economic outlook for Singapore and falling immigration numbers. A total of 18,971 private homes were completed in 2015, with 21,906 more set to be completed this year.

On the flip side, the vacancy rate for executive condominium units fell 2.1 percentage points to 8.4 per cent. This represents 1,540 unoccupied units, a drop from 1,847 in the third quarter of 2015.

Read The Straits Times for more.

 

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