28 shades of red: Private condo market suffered a whopping $15b in market losses since last peak

District 28 suffered the largest losses.

The private property market has lost almost $15b in market value since the peak in prices in January 2014, a report by SRX Property showed today.

The report, entitled 28 Shades of Red, showed the proportion of homeowners that would lose money if they sold their properties at current market prices.

The report showed that condominium owners in District 28 will suffer the largest losses. SRX’s X-value algorithm showed that if today's residents in District 28 were to sell at today's X-value, a staggering 44% would sell below their purchase price. This translates to a loss of $117.5m.

Another hard-hit area is District 1 , where 40% of residents would sell below their purchase price. This translates to a massive loss of $516.5m.

Meanwhile, 38% of residents in District 13 would sell below their purchase price if they sold at today’s values, translating to a loss of $91.6m.

“The explanation for the 28 shades of red goes to the very heart of real estate. Homebuyers who bought into the hot markets prior to the cooling measures are the ones who got the worst freezer burns and now represent the reddest of the 28 shades of red,” said Sam Baker, co-founder of SRX Property.