Private non-landed housing prices up 1% m-o-m in July: NUS SRPI flash estimate
The Institute of Real Estate and Urban Studies (IREUS) has released the Singapore Residential Price Index (SRPI) for the month of July, which measures price movements of private non-landed residential properties in Singapore. Tracking a basket of 759 non-landed private residential projects completed between October 2003 and September 2021, the flash estimates of the SRPI indicate that prices grew 1% m-o-m.
Breaking down the index by sub-indices, in the Central Region (excluding small units), prices grew by 1.2% m-o-m in July. Non-Central Region (excluding small units) followed suit with an increase of 1%. Meanwhile, the sub-index for small units rose by 0.2% for the same period.
The overall index for June was subsequently revised to reflect a 0.6% m-o-m decrease, slightly narrower than the initial figure of 0.7%. Central Region sub-index (excluding small units) stayed the same while non-Central Region showed a small decrease of 0.3% compared to the initial estimate of 0.4%. The sub-index for small units also showed a dip of 0.4%, slightly less than the 0.6% decrease initially suggested.
IREUS reports that the resale transactions of non-landed private homes continued to decline in July, but at a slower rate compared to June. Singaporeans accounted for over 70% of resale transactions in the past 12 months. Singapore permanent residents and foreigners made up the rest 21.4% and 4% respectively.
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This July, the number of non-landed private homes purchased by foreigners on the resale market was 10 units, a 37.5% decrease from the 16 units in the preceding month.
In terms of buyer sentiment, Singapore property buying sentiment slid during the first quarter of 2023 due to high interest rates and cooling measures. Similarly, non-landed private residential prices stayed flat in January, while private housing resale prices rose in July.
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