Singapore’s real estate market may be turning more attractive for homebuyers as per the latest reports. Prices have slightly come down for condominiums and private apartments which have been completed in Singapore. These categories have seen prices slightly falling by 0.6% for October 2018 as compared to September as per reports.
The decline is attributed to the reduction of 0.9% in apartment prices in the non-central region in Singapore with the exclusion of smaller housing units as compared to a decline of 0.3% in September 2018. Prices of apartments situated in the central region came down by 0.3% last month as compared to a fall of 0.1% for September 2018.
In case of smaller units which are not larger than 506 sq. ft, however, prices went up by 0.3% in October 2018 after a similar reduction in September 2018. The central region has been labelled by most researchers as the area between Districts 1 to 4 including the Sentosa Cove and financial district in tandem with some prime residential markets such as the districts 10, 9 and 11. Prices have increased overall in Singapore by 3.6% (year-to-date) which has been spurred by increase of 4.8% in prices of smaller units overall. Prices have increased by 3.6% for bigger apartments in non-central and central regions alike.
Prices have increased overall by 5.9% (year-on-year) in Singapore with increase of 6.2% observed for small units and apartments in the central region. Apartments situated in the non-central region have seen prices going up by approximately 5.7%. The temporary drop in prices of housing units across some categories could be welcome news for buyers since they can now snap up units at comparatively lower rates.