A view of downtown Singapore. Photo taken from AIRINC Surveyor archives.
More supply than demand?
Singapore’s expatriate rental market is relatively stable despite more assignee departures than arrivals. While supply is greater than demand, sources say most incoming expatriates want to live in apartments close to the MRT and schools. Many landlords of desirable apartments can continue to charge listed rents for now.
What is the impact on housing from talent localization?
Real estate sources also mentioned that some multinationals have been localizing their talent. Some localized assignees have been breaking leases in order to obtain more affordable housing when current landlords don’t wish to discount rents for newly localized tenants.
Showing rental units to incoming assignees has improved. The main obstacle is a strict 14-day quarantine required of all persons arriving into Singapore regardless of nationality. Sources are optimistic that the Singaporean government will reduce restrictions on travelers and assignees coming from designated countries where COVID-19 is under control.
'Travel Bubble' between Singapore and Hong Kong Delayed
The much anticipated 'Travel Bubble' that the governments of Singapore and Hong Kong had worked out is now postponed. This agreement, that would have allowed travelers to move about without quarantining, is delayed as a result of a recent outbreak in Hong Kong. The plan will be revisited next month.
This post is part of AIRINC's On-site Insight series. On-site Insight provides readers with an exclusive “behind-the-surveys” perspective of new and existing expatriate locations based on commentary and photos from our global research team. Included is information on general living conditions as well as changing costs for both Goods & Services and Housing & Utilities, along with much, much more.
Listen | Partner | Deliver. For over 60 years, AIRINC has helped clients with the right data, cutting-edge technology, and thought-leading advice needed to effectively deploy talent worldwide. Our industry expertise, solutions, and service enable us to effectively partner with clients to navigate the complexity of today’s global mobility programs. As the market continues to evolve, AIRINC seeks innovative ways to help clients address new workforce globalization challenges, including mobility program assessment metrics and cross-border talent mobility strategy. Our approach is designed with your success in mind. With an understanding of your goals and objectives, we ensure you achieve them. Headquartered in Cambridge, MA, USA, AIRINC has full-service offices in Brussels, London, and Hong Kong. Learn more by clicking here.