Private non-landed housing prices up 1% m-o-m in July: NUS SRPI flash estimate

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The Institute of Real Estate and Urban Studies (IREUS) has released its latest findings on Singapore Residential Price Index (SRPI) for the month of July. Flash estimates indicate that prices of private non-landed residential properties in Singapore moved up by 1% month-on-month.

The latest SRPI tracks a basket of 759 non-landed private residential projects completed between October 2003 and September 2021.

Results showed that the price sub-index for the Central Region (excluding small units) rose by 1.2% m-o-m during the period, while the sub-index for the non-Central Region (excluding small units) ticked up by 1%. For small units, the sub-index increased 0.2% m-o-m.

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The revised overall index for June was adjusted to 0.6% m-o-m decrease, a minor decline from the flash estimate of 0.7% decrease. The sub-index for the Central Region (excluding small units) stayed the same as the flash estimate at -1.2% m-o-m. Meanwhile, the sub-index for the non-Central Region (excluding small units) adjusted to reflect a 0.3% decrease, smaller than the initial forecasted 0.4% decrease. Small units in June were adjusted to reflect a 0.4% m-o-m decrease, compared to the flash estimate of 0.6% decline.

Analyzing the buyer profile, IREUS noted that Singaporeans accounted for 74.3% of resale transactions of non-landed private homes in the past 12 months, followed by Singapore permanent residents (21.4%) and foreign buyers (4%).

Resale transactions of non-landed private homes continued to decline in July, though at a slower pace compared to June. Looking at the numbers from March this year, Singaporeans, Singapore residents, and foreigners have purchased 28.7%, 33.9%, and 83.3% fewer homes respectively.

Foreigners purchased 10 units in the resale market in July, a 37.5% decline from the figure for June.

IREUS concluded in its report that the SRPI data for July showed a 1% m-o-m increase in prices of private non-landed residential properties. The buyer profile analysis revealed that Singaporeans were the biggest buyers of non-landed private homes in the past year, accounting for three-quarters of the resale transactions. Despite the lower buyers’ take-up, prices of private homes continued to rise in July.