Completed condo prices in August see first year-on-year rise since October 2013

Prices of completed non-landed private homes increased 0.8 per cent in August from a year ago - the first time they have done so since October 2013.
Prices of completed non-landed private homes increased 0.8 per cent in August from a year ago - the first time they have done so since October 2013. ST PHOTO: KUA CHEE SIONG

SINGAPORE - Prices of completed non-landed private homes in August rose for the first time in nearly four years on a year-on-year basis, according to flash estimates released by the National University of Singapore's Institute of Real Estate Studies on Thursday (Sept 28).

Its Singapore Residential Price Index (SRPI) showed prices of these completed properties, which are mostly resale condominiums, increased 0.8 per cent in August from a year ago - the first time they have done so since October 2013.

For the year to date, prices have risen 2.3 per cent, the index showed.

Month-on-month, prices are up 0.9 per cent compared to July. Prices of units outside the central region homes led the advance, rising 1.1 per cent while condos and apartments in the prime central region just edged up 0.1 per cent.

Unlike larger homes, demand for small units, defined as having a floor area of not more than 506 square feet, has weakened, the index showed. Their prices dropped 0.6 per cent from July, and 1.2 per cent from a year ago.

Source: NUS Institute of Real Estate Studies

Overall prices of completed condos and apartments have now moved 11.6 per cent higher from their post-financial crisis peak in July 2013, according to the SRPI.