Singapore Tenants May Have the Upper Hand in 2025

Singapore’s red-hot leasing market for private housing finally began to cool this year as supply of new apartments got the better of post-pandemic demand. Although the outlook for 2025 is still unclear, the dice seem to be loaded in favor of tenants. While landlords will fight tooth and nail to pass the burden of property taxes and interest rates when contracts come up for renewal, global banks, tech firms, and other multinationals may be cautious about how many more employees they bring into the city-state.

As a major Asian financial center, Singapore is highly exposed to the current uncertainty in the global economy. The post-election euphoria around President-elect Donald Trump’s economic agenda of deregulation and tax cuts is starting to wane. Higher-for-longer borrowing costs are emerging as a real risk.