Residential

Private home vacancies climbing 

Figures from URA show that the number of vacant private homes has climbed from 18,003 at the end of Q4 2013 to 19,285 by the end of Q1 2014. Vacancy rate increased from 5.2 per cent at end-Q1 2013 to 6.2 per cent in Q4 2013 and 6.6 per cent by end-Q1 2014. According to DTZ regional head (SEA) research, Lee Lay Keng, more private home units are left empty. After the global crisis, real estate demand grew among investors. This led to some investor hoarding the apartments, without occupying it. On the other hand, some other units were left unoccupied as investors were unable to find tenants as the labour policies have slowed the inflow of expatriates. Also, the competitive rental market has pushed rental prices down, thus making it unattractive for property owners to rent out their apartments. Furthermore, the ...