Prices of completed non-landed private homes flat in October

Non-central units declined 3%.

According to NUS' Singapore Residential Price Index (SRPI) in October, prices of completed private apartments and condos in Singapore remained unchanged.

The 0.3% decrease in non-central units was mitigated by the 0.2% and 0.1% increase in central units and small units respectively.

Eugene Lim, key executive officer of ERA Realty Network comments that despite headwinds affecting the economy and employment market, buying interest in centrally located properties remains keen.

These, he said, are investors who are taking a longer term perspective on Singapore’s property market, and they believe that centrally located properties are likely to fare better than no-centrally located ones over the long term; given the scarcity of land.

However, he cautioned that on the whole, any quick recovery in prices over the short term is unlikely, given the weak economic growth currently.

"Nonetheless, buying sentiment remains positive; with buyers will likely commit if the price is right," he said.