Condo resale prices dip 1% in March

Homes in non-central region saw the biggest pullback.

Resale prices of completed condos and apartments in Singapore were down 1% compared with the previous month, according to the National University of Singapore’s latest Singapore Residential Price Index (SRPI).

Moreover, all sectors saw a decline in March.

Prices in the central region—which comprises properties in Postal Districts 1 through 4, and 9 through 11—dipped 0.5%, while prices in the non-central region edged down 1.4%.

“This might be because of the larger supply in the suburbs, hence there is greater downward pressure on prices,” commented ERA.

Further, prices of units with a floor area of 506 sqft or below slipped 1%.

“As more buyers and investors hunt for value in more central areas, we might see less movement in prices,” said ERA.

It continued: “Economic conditions in Singapore remain challenging, with both economic growth and the labour market expected to remain weak.

“As such, we may continue to see marginal monthly fluctuations in the months ahead, with the general trend being a gradual price

The SRPI’s figures are reflective of transactions received as at 21 April 2016.