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Singapore private home resale prices plumb 21-month low in July

Published on Aug 11, 2014 10:26 AM
 
Resale prices for private homes continued their slide in July to reach their lowest level in 21 months, according to Singapore Real Estate Exchange (SRX) flash estimates released on Monday. -- ST PHOTO: CAROLINE CHIA

SINGAPORE - Resale prices for private homes continued their slide in July to reach their lowest level in 21 months, according to Singapore Real Estate Exchange (SRX) flash estimates released on Monday.

Rents also fell to a 38-month low amidst greater competition for tenants.

Prices of resale private homes fell 1.3 per cent from June to July to their lowest point since October 2012, after dropping 1.4 per cent from May to June.

The islandwide fall in prices was led by the city centre, where values tumbled 4 per cent from the previous month.

The city fringe saw a 1.1 per cent decline and resale prices in the suburbs slipped 0.6 per cent in the period.

There were 431 private homes resold in July, largely unchanged from the 427 units resold in June.

This figure was 20.5 per cent lower compared with the same period last year, the SRX said.  

Rents also fell 0.8 per cent from June to July to their lowest point since May 2011. However, the number of rental contracts signed climbed slightly.

About 3,360 homes were rented in July, which was 5.3 per cent higher than the 3,191 rental transactions posted in June, SRX said.

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