Prices of condos rise in Singapore

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Condominiums seem to be a preferred residential category for both end-users and investors in Singapore with the latest reports indicating a rise in prices for August 2018. Prices went up by 0.5% for August 2018 in case of completed condos or non-landed private homes in Singapore. This was heartening for realty players since prices had gone down in July 2018 according to reports. The NUS (National University of Singapore) has already released its estimation for the SRPI (Singapore Residential Price Index) and the report clearly indicates prices increasing for completed condominiums.

This is one category which seems to be drawing attention from investors and end-users alike. The prices came down by roughly 0.3% for July 2018 although this was lower than the previous forecasts of a decline of 0.5% in prices. The increase in prices for August covered condominiums in several price categories. Additionally, apartment prices increased by 0.1% for the central region. Those located outside the central region saw an increase of 0.6%. Smaller units or those sized at a maximum of 506 sq. ft, witnessed price growth of 1% for last month as compared to the reduction in prices by 0.6% for July 2018.

The central region is classified as the area between the 1-4 Districts which includes Sentosa Cove and the Financial District in tandem with the prime residential districts of 10, 9 and 11. The overall prices in Singapore have increased by 4.4% on the year-to-date basis and this has been driven majorly by price growth of 4.7% for the non-central zone. Prices have also increased by approximately 7.8% on a year-on-year basis. 7% and 8.7% have been the increase percentages for the non-central districts and central region respectively in this regard.

 

Resident Editor