Bookmark & Share
The National University of Singapore’s (NUS) latest flash estimates have confirmed a rapid slowdown in the growth of prices of non-landed private homes in June compared with May.
The overall price index of NUS for non-landed homes in June climbed 0.3 percent month-on-month, compared with 2.4 percent month-on-month increases each for May and April.
The sub-index for the Central region, which covers properties in districts 1-4 and 9-11, also increased 0.7 percent month-on-month in June, which is slower than the gains of 2.1 percent and 3.4 percent in May and April, respectively.
The Non-Central region’s sub-index remained the same in June from the previous month, following the increase of 2.7 percent in May and 1.7 percent in April.
Compiled by the NUS Institute of Real Estate Studies, the Singapore Residential Price Index (SRPI) covers only completed properties.
“The latest indices confirm the slowdown in buying momentum felt on the ground in June - because of the school holidays, World Cup and continued uncertainty in the eurozone economies,” said Ong Choon Fah, executive director (consulting) at DTZ.
“People found no reason to rush and buy a home. Developers have also been holding back launches and the projects they did launch were not priced at the top end of their own target range; so developers have also moderated their own price expectation.”
Search Property News
Reader Comments: (4 comments)
Current market price is not sustainable for long term. House prices expected to go down by July 2011.
Sellers are pricing themselves out of the market. Yes - got high price, got buyers, but no eventual takers. Many units are repeatedly uploaded for sale after they get listed for months!
Conflicting reports... prices slowing down yet Scala in ulu place can sell at 1100psf???
i guess people are now more keen in buying condominiums than private homes.