The resale prices of completed non-landed private homes in Singapore rose last month for the second consecutive month, even as the number of transactions continued to drop.
Resale prices of these homes rose 2.3 per cent in January over December, after a revised 0.8 per cent increase in December over November, according to the latest data from the Singapore Real Estate Exchange (SRX) on Monday.
But the number of sales of such homes fell to 310 in January, a 9.1 per cent decline from December. The figure also marked a 70.2 per cent decline from January a year ago.
Part of the fall in transaction numbers was likely due to the Chinese New Year holiday that started at the end of January this year, said Mr Jeremy Lee, co-founder of srx.com.sg.
But he added that the series of property cooling measures imposed by the Government up to last year are also taking a toll.
"It is clear from the long-term data that the cooling measures are having maximum impact on the volume side of the equation," he said.
Still, "prices continue to fight upwards", Mr Lee added. While the property buying curbs "are most effective in reducing volume", they have less effect on prices, he said.
The rise in resale prices of completed non-landed private homes last month was led by homes in the suburbs, where prices gained 2.4 per cent.
Prices in the central regions also rose 2.1 per cent, but those in the city-fringe areas slipped 0.9 per cent.
The SRX also said rents of private non-landed homes climbed in January for the first time in six months, rising 1.1 per cent from December.
The number of rental deals signed also rose 8.1 per cent in January from December to hit 2,348 rental contracts.