August shows sluggish residential price performance
The overall SRPI in July was 1.1%.
The price index for Singapore’s Residential Price Index (SRPI) slowed down to 0.7% month-on-month (MoM) in August, dampened by the small units segment which hoisted a 0.3% MoM change.
“The resale condo market benefited from the robust HDB market and lack of new project launches in Aug 2023. A record high of 54 HDB flats were sold for a million dollars or more which provides HDB upgraders the cash to buy a resale condo. Prices of resale condo edged up 0.7% in Aug 2023,” commented Mark Yip, CEO, Huttons Asia.
The overall SRPI in July was 1.1%. The latest figures from the National University of Singapore (NUS) also revealed that the residential price index for central area grew narrow to 0.8% MoM (from 1.2% in July).
SRPI for non-central units, excluding small units, was 0.7% MoM, smaller than the 1.1% MoM previously.
“Moving forward, the robust HDB market may continue to support the resale condo market. New PRs and citizens may also contribute to the demand. Howeve, the cloudy economic outlook and high interest rates may temper price gains.” added Yip.