Housing / RENTAL price eleasticity or downward pressure

Discuss about where to live, renting a property, tenancy issues, property trend and property investment in Singapore.
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Addadude
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Post by Addadude » Sun, 23 Nov 2008 4:23 pm

I must say that my personal experience over 97/98 and 2003/4 was quite different to what SMS outlined. I rented a 1200 sq ft condo at Flamingo Valley in 1998 for $1500 (formerly $3,000). I followed that up in 2002 by renting a 1 bedroom condo at Burlington Sq (next to Sim Lim Sq) for $1600 (previously $3.1k), dropping to $1500 the following year and then, in 2004, ! rented a 2 bedroom condo at Harbourview Towers for $1600 (previously $3k). So obvously in my case i managed to find landlords who exercised some common sense. I also had a pretty good agent who bargained quite hard for me. I for one am pretty sure that prices WILL come down and the OP will simply have to be a bit more patient and prepared to bargain hard.

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sundaymorningstaple
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Post by sundaymorningstaple » Sun, 23 Nov 2008 11:58 pm

Between 97 and 98 my rent went up 2 times and was going to go up again. (which would have been trebled from the original price two years earlier) When I got notice of the impending third consecutive rate increase during a recessionary period, I said screw you! (By the way, that was Premas International when then first took over the black & whites in Seletar Airbase from UDMC) So I bought a flat. with payment that were equal to the new rental that was coming up. That way it would be free rent so to speak. That was in June '99 that I took possession. Will be paid for in 4 more.

But definitely having a good agent is nice to have.......
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Post by louy » Tue, 25 Nov 2008 5:24 pm

I am kinda gutted cos I already got my place, which is ok i guess.

But its depressing when people are talking about better and nicer accomodation, in better locations, but cheaper than mine.

Plus mine is a 2 year contract.

Anyway, how much deposit does one need to be able to buy a place here ?? I am gonna start saving.

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Post by stacey » Tue, 25 Nov 2008 8:13 pm

is ther eno such thing as being able to get out of it?
aft 14months only?

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Post by durain » Tue, 25 Nov 2008 8:25 pm

ya an no bu yo got to rea wha in the contra if you can ge out afte minimu perid. teh contract is to prtect bot parties.

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Post by stacey » Tue, 25 Nov 2008 8:30 pm

it used to be in nyc you could get out at anytime because the LL would be happy to rent at a higher price and the broker, sometimes friend of LL, would get his fee again. still, to an extent..

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durain
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Post by durain » Tue, 25 Nov 2008 8:40 pm

but singapore is not nyc.

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Post by stacey » Tue, 25 Nov 2008 8:45 pm

I thought it was.. except with 99% of it missing.

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Post by quidsin » Tue, 25 Nov 2008 10:22 pm

this aint NY stacey !

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Post by stacey » Tue, 25 Nov 2008 11:02 pm

dude, that's what I just said... It aint 99% it.
I'm sure I can find 1% in common. Like full **** people :)
I never said it was, did I :)

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Post by boffenl » Thu, 27 Nov 2008 12:54 pm

Can't decide if folks are telling the whole truth or not. Where are these condos for $2.5k? One bedroom or three bedrooms? I'm still shocked to read the papers and see condo prices. I'm really interested to see who is paying $2.5k for a condo. Please give examples!!! Thanks!

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Addadude
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Post by Addadude » Thu, 27 Nov 2008 5:36 pm

boffenl wrote:Can't decide if folks are telling the whole truth or not. Where are these condos for $2.5k? One bedroom or three bedrooms? I'm still shocked to read the papers and see condo prices. I'm really interested to see who is paying $2.5k for a condo. Please give examples!!! Thanks!
Let me refer you to a thread on this very site:

http://www.singaporeexpats.com/forum/ftopic55100.html

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boffenl
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Post by boffenl » Thu, 27 Nov 2008 5:53 pm

Yep, but still no specifics on building/condo location. Is it in Simei? Changi Green? Love to hear more!

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Post by splat » Thu, 27 Nov 2008 8:37 pm

do a search on this site for apartments in district 16 between $1 and $3000. There are many!

Today a property that was going for 5.5 was offered to me at 4k - there is a lot of negotiation that can be done right now.

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Post by Svetlana Gusthof Urlaub » Sat, 29 Nov 2008 8:02 pm

I've also heard that house rentals in Singapore are really overpriced. But regardless of the expensive price, I still need to rent one because I will be studying there next year.

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