Overall prices for completed private apartments and condos inched up 0.6% m-o-m in June in contrast to a 0.9% decline in May, according to NUS Singapore Residential Price Index.

In June, prices for private non-landed homes excluding small units in the central region saw a m-o-m hike of 0.7%, compared to a 0.6% decline in May. Prices for apartments and condos excluding small units in the non-central region also recovered from a 1% fall in May to increase 0.4% in June. Meanwhile, prices of small units (up to 506 sq ft) were up 0.2%, compared to a 1.1% fall in May.

“Luxury properties have seen increased demand from buyers in recent months, as purchasers look to invest for the longer term,” says Eugene Lim, key executive officer of ERA. “Given that the luxury property market was depressed for some time, it has become more attractively priced vis-à-vis other major cities.”