Prices of non-landed private homes inched down 0.1% m-o-m in April: NUS estimates

Prices of private non-landed residential properties across Singapore fell marginally in April this year as price increases in the Central Region were outweighed by declines in other districts, though resale volume ticked up.

Flash estimates of the Singapore Residential Price Index (SRPI) showed that the overall 0.1% m-o-m dip came after a mild increase of 0.3% in March.

The data was released by the National University of Singapore (NUS) Institute of Real Estate and Urban Studies (Ireus) on May 28. Developed by a team of Ireus researchers, the SRPI is a transaction-based index that tracks monthly price moments of private non-landed housing islandwide.

In the Central Region — which comprises Districts 1 to 4 and 9 to 11, in April — prices rose by 0.6% m-o-m, a tad faster than the 0.1% growth in the previous month.

On the other hand, across other districts in the non-Central region, prices declined by 0.4%. That reverses from the 0.4% increase in March.

Small units, defined as non-landed homes with a strata area of 47 sq m (506 sq ft) or less, posted a 0.8% m-o-m decrease in prices in April, a bigger decline than the 0.2% dip in March.

Meanwhile, headline inflation in the country also slowed slightly. The Singapore Consumer Price Index – All Items fell by 0.3% m-o-m in April.

Transaction activity in the condo and apartment segment increased during the month.

The number of non-landed private residential resale transactions — excluding executive condos (ECs) and en bloc sales — totalled 1,024 units in April, going by URA Realis data, Ireus said on May 28. That is about 10% more than the 931 units sold in March.