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Subscribe to this list via RSS Blog posts tagged in private property

Short Term Rentals of Less than 6 Months are Illegal in Singapore

This has been illegal under URA rules for short term rentals less than 6 months in duration but is now legislated. Such homes are being listed on popular websites like Airbnb. Owners of private properties violating this law face a maximum fine of $200k and up to 1 year jail time. A major factor in this decision has to do with privacy and the sanctity valued by owners of private properties and complaints have gone up by 60% according to a CNA report. But the government is studying the option of creating a new category of homes that can be used for short term rental but for now its illegal.

To read more:

Channel News Asia Report: Short Term Rentals of Private Property Illegal but Govt Mulling

Straits Times Report: Parliament - Short Term Home Rentals Illegal Under New Law

New Paper Report: Short term home rentals like Airbnb now illegal, government looking at changes 

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Resale Prices of Private Property Fall Further in June 2014

A tentative report by the Singapore Property Exchange showed that resale prices of private property dropped another 1.4% in June. Prices are at the lowest over the last 1 1/2 years since Dec 2012. Starting at the Core Central Region (CCR) and moving outwards through the Rest of Central Region (RCR) and Outside of Central Region (OCR), the prices fell 1.7, 3.2 and 0.3% respectively. The OCR prices dropped the least because the properties here have lower prices. The CCR and RCR properties have to deal with unsold units and curbs on resale such as ABSD. Encouragingly, the number of resale units that exchanged hands has increased 7.9% to about 452 units. 

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