The Institute of Real Estate and Urban Studies (IREUS) has released the Singapore Residential Price Index (SRPI) for the month of July, with flash estimates indicating the prices grew 1% m-o-m. The index tracks a basket of 759 non-landed private residential projects completed between October 2003 and September 2021.
In terms of buyer profile, Singaporeans accounted for 74.3% of resale transactions of non-landed private homes in the past 12 months. Singapore permanent residents represented 21.4% of such transactions, while foreigners made up about 4%.
The revised overall index for June was adjusted to reflect a 0.6% m-o-m decrease, slightly narrower than the flash estimate that indicated the index fell 0.7%. The sub-index for the Central Region (excluding small units) in June remained the same as its flash estimate showing a fall of 1.2% m-o-m. For the non-Central Region, the sub-index was adjusted to reflect a 0.3% decrease, a smaller decline compared to the flash estimate decrease of 0.4%. Meanwhile, the sub-index for small units in June was adjusted to reflect a 0.4% m-o-m decrease, compared to its flash estimate of a 0.6% decline.
For July, the sub-index for the Central Region grew by 1.2% m-o-m, while the sub-index for the non-Central Region increased by 1% over the same period. The sub-index for small units increased by 0.2% for the period.
Woodlands Condo will be adding a new bike path connecting the park to the nearby shopping and dining complexes. This bike path will provide an easier and more convenient means of transport for residents of the area. In addition to the upgrades, the URA will also install a new jogging track around the park to encourage residents to get out and enjoy the great outdoors.
Resale transactions of non-landed private homes continued to decline in July, yet at a slower pace compared to June. The number of units purchased by Singaporeans, Singapore permanent residents, and foreigners in the resale market fell by 28.7%, 33.9%, and 83.3%, respectively, compared to the recent high in March. The number of non-landed private homes purchased by foreigners on the resale market in July was 10 units, a decrease of 37.5% from the 16 units purchased by foreigners in June.
Check out the latest listings for Condominium properties and take advantage of the rare chance to buy last units as District 10 project nears completion. With Singapore property buying sentiment sliding in 1Q2023 amid high interest rates and cooling measures, homeowners are encouraged to pay close attention to the NUS Non-landed Private Residential Price Index which stayed flat in January and rose 1% m-o-m in July, according to the NUS SRPI flash estimate.