Singapore's housing rental prices decline further in July

Singapore's rental prices for public housing units and the non-landed private housing units fell further in July, according to data by the Singapore Real Estate Exchange (SRX) on Friday.

Singapore's rental prices for public housing units fell marginally by 0.1 percent in July from June.

On a year-on-year basis, the rental prices for public housing flats built by the Housing and Development Board (HDB) dipped by 0. 7 percent in July.

Rental volume also declined by 5.4 percent, with an estimated 1, 692 flats rented in July, SRX Property said.

Rental prices in the non-landed private housing units fell 0.3 percent in July on month and 5.7 percent on year. If compared to the peak in January 2013, rental prices dropped 12.5 percent.

The homes developed by private developers in Singapore are sold in a market separate from the public housing market, where the housing units are built by the government and sold to resident households with the principle of one unit for each household. About 80 percent of the resident population in Singapore live in such units.

The residential property prices in Singapore had been weakening in recent months after the government put in place several rounds of tightening measures to cool the property market over the past several years.