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Resale prices of non-landed private homes in Singapore fall in May

Publication Date : 09-06-2014


Resale prices of completed non-landed private homes in Singapore continued to drop last month, as the number of transactions fell.

The prices of these homes slipped by 0.3 per cent in May over April, according to the latest flash report from the Singapore Real Estate Exchange (SRX) on Monday.

SRX said "This level remained a 17-month low since December 2012".

The number of sales of such homes fell to an estimated 421 in May, a 7.5 per cent decline from April and a 42.6 per cent fall from May a year ago.

These show the effect of the series of property cooling measures imposed by the Government up to last year.

The fall in resale prices of completed non-landed private homes last month was led by homes in the city centre, where prices dropped 2.9 per cent.

Prices in suburban areas slipped 0.3 per cent, but those in city-fringe locations inched up 0.6 per cent.

The SRX also said overall rents of private non-landed homes dipped in May, slipping 0.8 per cent from April.

It added: "Compared to the peak rental price observed in January 2013, rents in April was still down by 6 per cent."

The number of rental deals signed rose 3.7 per cent in May from April to an estimated 3,120 units rented. This improved by 7.9 per cent from the 2,891 rental contracts signed in May last year.

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