Real Estate Facts: Singapore is At Risk of Brain Drain due to Skyrocketing Rents
Companies in Singapore have been taking action to combat the sharp rise in rents, subsidizing their employees' rent and even relocating them to more "breathable" cities in the region.
Non-resident foreigners make up 28% of Singapore's 5.6 million people. Most are renters, leaving them vulnerable to higher rents in 2022, which saw a 30% rise for private property in Singapore, with luxury apartments being priced higher than in London (UK) and New York (US) in the fourth quarter of 2022.
In response to this, the European Chamber of Commerce released the results of a survey showing that 40% of the 268 companies polled had provided more than SGD 1,500 a month for employees to rent, and 70% of companies are willing to move foreign employees out of Singapore and to other cities in the region if the situation continues to deteriorate.
The departure of skilled foreign workers due to soaring house prices could have a significant impact on Singapore in its quest to become the world's center of technology and innovation, as well as reducing its attractiveness to foreign companies and workers compared to Hong Kong.
Real Estate Facts: Singapore is At Risk of Brain Drain due to Skyrocketing Rents
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