Private home resale prices drop 0.7% in December, dragged down by suburban homes

Singapore's private home resale prices fell further last month, dragged down by home prices in the suburban areas.

Overall resale prices fell 0.7 per cent in December from the preceding month, according to estimates from the Singapore Residential Price Index (SRPI) on Tuesday.

The slide was steeper than the fall from October to November, when prices edged down 0.5 per cent. Initial figures had estimated a 0.1 per cent increase in November from the month before.

For December, prices fell more sharply in non-central areas, where homes recorded a 0.9 per cent drop from the preceding month. They had dipped 0.1 per cent in November from October.

Prices of private homes in the central area slipped 0.3 per cent in December, a milder decline than the revised 0.9 per cent tumble in November from the preceding month.

These figures exclude shoebox units, which saw a 0.6 per cent decrease in prices from November to December. This came after their prices fell a revised 0.5 per cent from October to November.

The SRPI is compiled every month by the National University of Singapore, which monitors a basket of completed non-landed projects excluding executive condominiums.