Fall in the Sales of Private Homes in the Resale Market

In a report released by SRX Property on Tuesday (9 May), the resale prices of private homes (non-landed) in Singapore have finally ground to a halt after five months of price increases from November to March.

STATS FOR PRICE INCREASES

The resale prices in non-landed private property market rose by 0.6% in November 2016; 0.3% in December 2016; 0.9% in January of this year; 1% in February; 0.8% in March. However, in April, it was recorded that there was no change in the month-on-month resale prices coming into the month from March.

For the year-on-year statistics, the private resale prices recorded in April 2017 were 1.8% higher than a year before in April 2016.

DROP IN NUMBER OF PRIVATE RESALE HOME SALES

The number of private home resale transactions saw a drop of 21% going into April from March. There were 1,148 units sold in March and only about 907 transactions in April.

For the year-on-year statistics, the number of resale properties sold in April 2016 was recorded at 613 units, 48% lower than the 907 units that changed hands in April of this year.