Resale prices of private homes fall further 1% in April

SINGAPORE — Resale prices of completed non-landed private homes continued to fall last month, according to Singapore Residential Price Index (SRPI) flash estimates released today (May 28), with the sharpest declines seen in non-central areas.

The SRPI, compiled by the National University of Singapore’s (NUS) Institute of Real Estate Studies, showed overall prices decreased by 1 per cent in April compared with the previous month, slowing from the revised 1.4 per cent decline in March.

Prices of homes in the non-central region, excluding small units, led the decline, falling by 2 per cent last month, compared to the 1.1 per cent drop in March, the SRPI data showed. However, prices of homes in the central region stayed flat after falling 1.8 per cent in March.

Prices of small units — those with a floor area of 506 sq ft and below — fell 0.6 per after a 0.2 per cent decline a month earlier, the SRPI data showed.

The weakness in the resale market comes as developers are having to offer more competitive prices for new properties, which may be attracting potential buyers who would previously have been looking at the resale market.