Singapore topped the Knight Frank Prime Global Rental index, with 24.5 per cent annual growth in the second quarter. Bloomberg
Singapore topped the Knight Frank Prime Global Rental index, with 24.5 per cent annual growth in the second quarter. Bloomberg
Singapore topped the Knight Frank Prime Global Rental index, with 24.5 per cent annual growth in the second quarter. Bloomberg
Singapore topped the Knight Frank Prime Global Rental index, with 24.5 per cent annual growth in the second quarter. Bloomberg

Global prime residential rents soar in 'remarkable' spurt


Matthew Davies
  • English
  • Arabic

Average rents for prime properties in 10 key markets around the world are increasing at rates up to three times what they were only a few years ago, a survey has found.

The Prime Global Rental Index for the second quarter from the international estate agents Knight Frank shows average prime rents in key world cities rose 7.5 per cent in the 12 months to June.

The overall growth rate is falling, down from 8.2 per cent in the first quarter and from 12.2 per cent in the first three months of last year, but is still more than three times the average trend of 2.2 per cent between 2010 and 2020.

At 23 per cent, the overall growth in the Index in the past two years has been "remarkable", said Knight Frank, with New York, Singapore and London recording rental growth of 56 per cent, 53 per cent and 51 per cent, respectively, over the same period.

The Manhattan skyline. Prime property rentals have increased by 56 per cent in New York in the last two years, according to Knight Frank. Reuters
The Manhattan skyline. Prime property rentals have increased by 56 per cent in New York in the last two years, according to Knight Frank. Reuters

Rental demand has been driven by people returning to cities following the pandemic lockdowns, with many potential and prospective buyers squeezed out of the house-buying markets in recent times by rising interest rates.

Knight Frank’s Prime Global Rental Index shows prime rentals in key world cities grew by an average of 7.5 per cent in the 12 months to June.
Knight Frank’s Prime Global Rental Index shows prime rentals in key world cities grew by an average of 7.5 per cent in the 12 months to June.

Meanwhile, delays to construction schedules during the pandemic have somewhat crimped the supply of rental properties.

"Housing rents have risen by more than 50 per cent in key global cities in just two years, and are continuing to rise at three times their pre-pandemic rate," said Liam Bailey, Knight Frank’s global head of research.

"Affordability of housing is set to become the leading political issue within the next 12 months.

"The need for honest conversations about real supply-side solutions is becoming critical.”

The 10 cities covered by the Knight Frank Prime Global Rental Index saw rental values rise 7.5 per cent in the year to June.
The 10 cities covered by the Knight Frank Prime Global Rental Index saw rental values rise 7.5 per cent in the year to June.

Down Under bucks trend

However, despite the surging growth figures over the past two years, the current rates are more moderate.

For example, in Singapore, annual growth eased from 31.5 per cent in the first quarter to 24.5 in the second quarter.

Likewise, growth in London rents has decreased from 16.9 per cent to 14.4 per cent and in New York, the rate of growth slowed from 10.6 per cent in the first quarter to 6.2 per cent.

Nonetheless, Sydney had a surge in annual growth from 11.7 per cent to 13.1 per cent in the second quarter while rentals in Auckland, which had experienced a decline in the first quarter, posted a growth of 7 per cent in the second quarter.

Knight Frank said material and labour costs and shortages have caused delays in construction project deliveries, meaning that in most of the 10 cities in the Prime Global Rental Index, "tenants will face high rents for the foreseeable future".

UAE currency: the story behind the money in your pockets
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Two-step truce

The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.

By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National. 

The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.

The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.

The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Manchester United 0

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Our legal consultants

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UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
Updated: August 30, 2023, 1:50 PM`