Private non-landed housing prices up 1% m-o-m in July: NUS SRPI flash estimate

The Institute of Real Estate and Urban Studies (IREUS) has released the Singapore Residential Price Index (SRPI) for the month of July, showing that prices of private non-landed residential properties in Singapore grew by 1%. The SRPI tracked a basket of 759 non-landed private residential projects completed between October 2003 and September 2021.

July’s overall index was based on flash estimates that indicated the index grew by 1%. The sub-index for the Central Region (excluding small units) grew by 1.2% m-o-m, while the sub-index for the non-Central Region (excluding small units) increased by 1% over the same period. The sub-index for small units increased by 0.2%.

The revised overall index for June was adjusted to reflect a 0.6% m-o-m decrease, which is slightly narrower than the previously indicated flash estimate of 0.7%. The sub-index for the Central Region (excluding small units) remained the same at a fall of 1.2%, while the sub-index for the non-Central Region was adjusted to reflect a 0.3% decrease, compared to its flash estimate of 0.4%. The sub-index for small units was adjusted to 0.4% m-o-m, in comparison to its flash estimate of 0.6%.

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When it comes to the buyer profile of non-landed private homes, Singaporeans accounted for 74.3% of resale transactions in the past 12 months. Singapore permanent residents represented 21.4%, while foreigners made up the remaining 4%.

Resale transactions of non-landed private homes saw a decrease in July; however it was a slower pace compared to the same period in June. Compared to the record high in March this year, Singaporeans, Singapore residents and foreigners in the resale market fell by 28.7%, 33.9% and 83.3% respectively.

Specifically, the number of non-landed private homes purchased by foreigners in the resale market in July was 10 units, a 37.5% drop from the 16 purchased in June.

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The Singapore Residential Price Index (SRPI) has revealed an increase in the prices of private non-landed residential properties in Singapore of 1% in the month of July. This figure was derived from a basket of 759 non-landed private residential projects completed between October 2003 and September 2021.

The Central Region (excluding small units) experienced the highest growth in July, with a 1.2% m-o-m increase, followed by the non-Central Region (excluding small units) up 1%, and small units up 0.2%.

In June 2020, the overall index was adjusted to reflect a 0.6% m-o-m decrease, which is slightly narrower than originally estimated at 0.7%. The sub-index for the Central Region (excluding small units) remained unchanged at a fall of 1.2%, with the sub-index for the non-Central Region adjusted to a decrease of 0.3%, and small units with a 0.4% decrease.

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Singaporeans, Singapore permanent residents and foreigners in the resale market all experienced a decrease in the number of non-landed private homes purchased in the past 12 months, with the greatest decline for foreigners, having dropped by 83.3%.

Within this period, the number of foreign buyers in the resale market in July was 10 units, a decrease of 37.5% from the 16 in June.

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As such, the Singapore Residential Price Index has revealed a 1% m-o-m increase in the prices of private non-landed residential properties in Singapore for July. This was accompanied by a decrease in the resale transactions of non-landed private homes in comparison to March 2020.

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