Resale prices of private homes flat in July: NUS index

Resale prices of private homes were flat in July from the previous month, according to latest numbers.
Resale prices of private homes were flat in July from the previous month, according to latest numbers. ST FILE PHOTO

SINGAPORE - Resale prices of private homes were flat in July, according to Singapore Residential Price Index (SRPI) flash estimates released on Friday (Aug 28).

The SRPI, compiled by the National University of Singapore's Institute of Real Estate Studies, showed overall prices were unchanged in July from the previous month. In June, prices dipped 0.1 per cent month-on-month, better than the earlier estimate of a 0.3 per cent decline.

Prices of completed private apartments have fallen about 1.7 per cent in the first six months of this year, according to SRPI data.

The decline follows falls of 3.7 per cent and 1.3 per cent in the first and second halves of 2014 respectively.

July prices of shoebox units, which have a floor area of 506 square feet or less, slipped by 0.3 per cent from June.

Prices of homes in the non-central region, excluding small units, dipped 0.2 per cent, while those in the prime central region, excluding small units, stayed the same.

Analysts are expecting resale private property prices to decline by 3 to 4 for the full year, given looming new supply.

A total of 21,563 private homes are scheduled to be completed this year, up from 19,941 last year. A further 21,043 are expected to be completed next year.

About 96 per cent of the supply this year and the next are non-landed homes.