Overall prices of private non-landed residential properties in Singapore have increased by 1.7% from May to July, based on the latest release of the National University of Singapore (NUS) Singapore Residential Price Index Series (SRPI). The statistics point to a gradually price recovery in the private residential resale property market, according to Nicholas Mak, executive director of ZACD Group.

This is the second time the index has expanded for three months in a row since private residential property prices started to decline from 2H2013, according to Mak. The previous three-month increase was from December 2015 to February 2016, by a smaller percentage of 0.7%.

In July 2017, the SRPI Small Units dropped by 0.8% m-o-m, and 1.9% y-o-y, which means the sub-market for small units saw the weakest price growth, says Mak. “In the current soft leasing market, small apartments could be facing increasing competition from larger apartments,” says Mak.

Source: NUS, ZACD Group