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Private non-landed housing prices up 1% m-o-m in July: NUS SRPI flash estimate

/ EdgeProp Singapore |

August 28, 2023 5:54 PM SGT

The Singapore Residential Price Index (SRPI) for the month of July climbed 1% m-o-m based on flash estimates (Picture: Samuel Isaac Chua/The Edge Singapore)

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SINGAPORE (EDGEPROP) - The Institute of Real Estate and Urban Studies (IREUS) has released the Singapore Residential Price Index (SRPI) for the month of July. Flash estimates of the SRPI, which measures price movements of private non-landed residential properties in Singapore, indicate that prices grew 1% m-o-m.

The SRPI tracks a basket of 759 non-landed private residential projects completed between October 2003 and September 2021.

The sub-index for the Central Region (excluding small units) grew by 1.2% m-o-m in July, while the sub-index for the non-Central Region (excluding small units) increased by 1% over the same period. The sub-index for small units increased by 0.2% for the period.

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.

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%.

In its report, IREUS pointed out that resale transactions of non-landed private homes continued to decline in July, but at a slower pace compared to June. “Compared to the recent high in March this year, the number of non-landed private homes purchased by Singaporeans, Singapore residents and foreigners in the resale market fell by 28.7%, 33.9% and 83.3% respectively,” it adds.

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.