Losing face has nothing to do with it -- nobody but the landlord and the tenant will know what the agreed rental price is. Greed and misguided judgement, on the other hand, has plenty to do with it...timo_in_singapore wrote:2) Don't expect the Landlord to be a panicked seller and thus agree to lower rent because of what is happening in the global markets. Culturally, it is unacceptable to be seen lose face, and while uneconomic many landlords will accept the condo will be empty for a number of months rather than agree to a lower than expected rent. If they bought the place from spec in 2005 at 500psf and it's now trading at 1500psf, it still has some way to go before it is out of the money.
Anyway, this is not unique to Singapore, property rental and sale prices are sticky everywhere in the world. But at some point, the need for income will lead landlords to start accepting lower offers, and that's when prices will start to visibly come down.