amid the skyrocketing rental prices — which rose at the fastest pace in 15 years last year, outpacing some other major cities.The survey found that 50 per cent of employees who have had to renew their residential housing lease this year or last year had faced rental increases of more than 40 per cent.“It is a significant increase that has a direct consequence on European expatriates and businesses in the city-state,” said the report.
General cost increase due to inflation came in a close second at 21 per cent, followed by rising salaries . "European and foreign companies are genuinely considering relocating part of their business outside Singapore," said EuroCham in a press release on the survey. In response to TODAY’s queries on what is being done to help such firms cope with rising costs and whether the Government is looking into extending them more, the Ministry of Trade and Industry referred to a written reply to a parliamentary question last September.
Though the statutory board has not responded, last week its managing director Jacqueline Poh took to LinkedIn to comment on the sharp hikes in residential rental prices, especially in prime areas.“Rentals did not rise significantly for a decade before Covid. as a result, even now rents are comparable to many major cities, especially if you look beyond specific ‘hot’ districts,” Ms Poh wrote.
However, a direct intervention in the market would risk “the possibility of harming the economy by stopping the natural flow of more value-added businesses which will displace lower value-added ones,” said the associate professor from the Singapore University of Social Sciences.
How can it be the rental more exp than the salary somerhing doesnt add up to this news unless is their village people
Hmmm…good or bad ? 🤔🤔🤔
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