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Non-landed private residential price index falls 0.7% in June: NUS SRPI flash estimate

/ EdgeProp Singapore |

July 27, 2023 1:30 PM SGT

The Singapore Residential Price Index (SRPI) for the month of June declined 0.7% m-o-m based on flash estimates (Picture: Samuel Isaac Chua/The Edge Singapore)

SINGAPORE (EDGEPROP) – The Institute of Real Estate and Urban Studies (IREUS) has released the Singapore Residential Price Index (SRPI) for the month of June. Flash estimates indicate the overall index declined 0.7% m-o-m.

The sub-index for the Central Region (excluding small units) fell by 1.2% m-o-m in June, while the sub-index for the non-Central Region (excluding small units) decreased by 0.4% over the same period. The sub-index for small units decreased by 0.6% for the period.

The revised overall index for May was adjusted to reflect a 0.2% m-o-m increase, slightly higher than the flash estimate that indicated the index stayed flat in June.

The sub-index for the Central Region (excluding small units) in May remained the same as its flash estimate showing a fall of 0.8% m-o-m. For the non-Central Region, the sub-index was adjusted to reflect a 0.7% increase, higher than its flash estimate of a 0.4% increase m-o-m.

Meanwhile, the sub-index of small units in May was adjusted to reflect a 1.4% m-o-m increase, higher than its flash estimate of 0.9%.

The SRPI, tracked by the Institute of Real Estate and Urban Studies (IREUS) at the National University of Singapore (NUS), measures price movements of private non-landed residential properties in Singapore. Specifically, the index tracks a basket of 759 private residential projects that were completed between October 2003 and September 2021.

IREUS’ report for the June SRPI data also analysed the resale volume of non-landed resale private residential properties broken down by Singaporean, Singapore permanent residents (PRs) and foreign buyers.

On average, Singaporeans bought some 74% of non-landed homes in the resale market in the past 12 months. Singapore PRs purchased 21%, while foreigners bought about 4% over the same period.

In June, foreign buyers account for 14 resale condo units, down 61.1% m-o-m. The number of private residential properties purchased by Singapore PRs in the resale market fell 20.6% m-o-m in June, while for Singaporeans it fell 24.2% m-o-m.