Rental prices of Singapore prime residential property declined by 3.6% in first quarter of 2016 comparing to last year during the same period, according to the report from the latest Knight Frank’s Prime Global Rental Index.
The overall luxury residential rents index across 17 global cities dropped for a third straight quarter, with rents declining 0.5% on average from last year to March 2016.
As such, a total of 11 cities showed falling in prime rents during the last 12 months.
Toronto ranked first with 8.9 percent increase in prime rents, followed by 5.3 percent growth by Guangzhou.
Nairobi occupies the last rank after the 7.9 percent slipped of rents. This is followed by 5.2 percent decrease in Hong Kong's rents.
According to Knight Frank's Head of Research for Asia Pacific, Nicholas Holt, Asia's real estate markets seen sensitivity to 2016 wider macro-economic environment, as demonstrated by the performance in prime residential rental of 7 major Asian cities tracked.