Private non-landed housing prices up 0.7% m-o-m in September: NUS SRPI flash estimate

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Private residential prices up 0.3% m-o-m in May: NUS SRPI flash estimate

The latest Singapore Residential Price Index (SRPI) flash estimates released by the National University of Singapore’s Institute of Real Estate and Urban Studies (IREUS) on Oct 30, indicated that prices of resale private non-landed residential properties in Singapore grew by 0.7% m-o-m in September. This came as overall consumer prices increased 0.5% m-o-m in September, according to the Singapore Consumer Price Index.

The SRPI tracks the price movements of a basket of 759 non-landed private residential projects completed between October 2003 and September 2021. It’s sub-index for the Central Region (excluding small units) grew by 0.8% m-o-m in September, while the sub-index for the non-Central Region (excluding small units) increased by 0.6% m-o-m. In comparison, the sub-index for small units increased by 1.2% m-o-m in September.

In its report for the September SRPI, IREUS also highlighted data on buyer profiles in the resale condo market. In the last 12 months, it was found that Singaporeans accounted for around 74.6% of resale condo purchases, followed by Singapore permanent residents at around 21.4%, and foreign buyers at about 3.7%.

Lee Sze Teck, senior director of data analytics at Huttons Asia, believes that the slower price growth in resale condo markets indicated by the SRPI in September could be attributed to higher-for-longer interest rates which have placed a cap on gains for sellers. “Buyers are also resisting higher prices because of the high interest rates,” he adds.

The final overall SRPI for August was adjusted to reflect an increase of 1% m-o-m, up from its flash estimate that indicated a growth of 0.7%. For the sub-index for the Central Region (excluding small units), final figures for August showed a 0.9% m-o-m climb, marginally higher than the flash estimate of a 0.8% increase.

Flash data indicated non-landed private residential sales fell 28% m-o-m in September. Compared with the recent high in March this year, the number of non-landed private homes purchased by Singaporeans, Singapore permanent residents and foreigners in the resale market fell by 37.4%, 46.2% and 86.7% respectively in September. The number of condo units purchased by foreigners on the resale market in September was eight units, 56% down from the 18 units in the month before.

Huttons’ Lee commented that the high interest rate environment and ongoing economic uncertainties are likely to continue underpinning cautious sentiments, which in turn, will likely exert downward pressures on the resale condo market for the rest of the year. “Prices are estimated to increase by at most 8% in 2023,” he added.