Resale prices of condo units resume decline, with 0.6% dip in November: NUS index

The overall price of condominium and apartment units dropped 0.6 per cent in November compared to the previous month.
The overall price of condominium and apartment units dropped 0.6 per cent in November compared to the previous month. PHOTO: ST FILE

SINGAPORE - Overall prices of completed condomimium and apartment units reversed course and dropped 0.6 per cent in November from the previous month, with shoebox units hit with a bigger 1.2 per cent price decline, according to Singapore Residential Price Index (SRPI) flash estimates released on Monday (Dec 28).

The turnaround comes after a modest recovery when overall prices edged up 0.3 per cent in September and 0.1 per cent in October, after five straight months of decline.

In October, prices for shoebox units - up to 506 square feet - dipped 0.4 per cent month-on-month based on SRPI's revised index values for that month. The index is compiled by the National University of Singapore's Institute of Real Estate Studies.

The SRPI for the central region (excluding small units) slipped 0.8 per cent month on month in November, contrasting with a 0.5 per cent increase for October.

The central region comprises Districts 1-4 (including the financial district and Sentosa Cove) and the traditional prime residential districts of 9, 10 and 11.

Prices outside these prime areas (excluding small units) declined 0.4 per cent last month after dipping 0.3 per cent in October.


Source: National University of Singapore's Institute of Real Estate Studies