12 Oct '17, 4am

Home-sharing on the rise despite government restriction

Chua Hak Bin, an economist with Maybank Kim Eng Research said, “Home-sharing may attract a new segment of visitors who would have otherwise not come to Singapore.” Although the likes of Airbnb are restricted from operating in Singapore, home-sharing has been slowly growing in the city-state as evidenced by the drop in hotel receipts and stagnant hotel rates, despite the pick up in tourist arrivals, reported Bloomberg . There is also the rising number of complaints on short-term rentals. Minister for National Development Lawrence Wong in August revealed that they have received 415 complaints on short-term rentals during the first seven months of the year – making 2017 on track to reach 711 cases, up from 2016’s 608. The Urban Redevelopment Authority (URA), which instituted a three-month minimum period for private home rentals in June, revealed that a public consultation pro...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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