30 Mar '15, 4am

Singapore residential market: correlation with crude oil prices?

In the current situation, the plunge in oil prices stemmed from a battle for market share between Saudi Arabia and US shale producers. While oil prices have fallen by around 50 percent since Q4 2014, Singapore residential prices and rents have both declined approximately 1.0 percent. However this contraction in the housing market began as early as 2H2013 and was triggered by a slew of government cooling measures. The effect of current low energy prices on the residential market has not yet been felt. Anecdotal evidence from our leasing colleagues suggests that oil and gas companies remain one of the major drivers in the local rental market, accounting for 15-20 percent of demand among corporates and expatriates. Lease renewals by these companies have not witnessed any decline and have been at the same, if not higher rents.

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

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