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. Flash estimates for the SRPI, which tracks price movements of private non-landed residential properties in Singapore, showed that prices grew 1% m-o-m.

Comprising of 759 non-landed private residential projects completed between October 2003 and September 2021, the SRPI sub-index for the Central Region (excluding small units) rose 1.2% m-o-m in July, while the sub-index for the non-Central Region (excluding small units) experienced a 1% m-o-m increase. There was, however, a marginal 0.2% rise in the sub-index for small units over the same period.

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Turning to June, the overall index was adjusted to 0.6% m-o-m decline, compared to the flash estimate that showed a decline of 0.7%. The sub-index for the Central Region (excluding small units) in June saw no change from its flash estimate of 1.2% m-o-m. The decline in the sub-index for the non-Central Region was revised to 0.3%, a smaller decrease than the flash estimate of 0.4%. The sub-index for small units in June was adjusted to reflect a 0.4% m-o-m decrease, instead of the 0.6% as initially reported.

In terms of buyer profile, Singaporeans accounted for 74.3% of the resale transactions of non-landed private homes over the past 12 months. Singapore permanent residents made up 21.4% of such transactions, while foreigners constituted approximately 4%.

According to IREUS, the number of non-landed private homes purchased in the resale market decreased in July, but at a slower rate than in June. Compared to March this year, the number of non-landed private homes purchased by Singaporeans, Singapore permanent residents and foreigners fell by 28.7%, 33.9% and 83.3% respectively. Foreigners accounted for 10 units in the resale market in July, a decrease of 37.5% from 16 units in June.

Singapore’s residential property market is currently bearing the brunt of the high interest rates and cooling measures, with buyer sentiment taking a hit in 1Q2023. Private housing resale prices, however, gave rise to a slight 1% m-o-m growth in July, indicating some optimism in the real estate market. Those in the market for a condominium in Singapore would do well to check out the listings for the best deals.