COVs at lowest level in nearly a year; experts attribute slowdown to cooling measures
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Only 4,335 flats changed hands in the first quarter of this year, a new low since 1997. -- ST PHOTO: ALPHONSUS CHERN
Recent property cooling measures have taken a bite out of cash premiums for Housing Board flats, pushing them to the lowest level in nearly a year.
The overall median cash paid above a flat's valuation (COV) has gone down from $35,000 in January to $27,000 in the first three weeks of May, according to preliminary data from the Singapore Real Estate Exchange (SRX).
This is the lowest figure since June last year, when the median premium was $26,000.
Although COVs have dropped across the board, premiums for large executive flats slipped the most - from $55,000 in January to $45,000 this month.
