In a notable shift, the private non-landed housing market in Singapore experienced a modest resurgence in March, with prices rising by 0.3% month-on-month (m-o-m) after a decline in February. This rise in prices reflects a positive turning point for the sector, as indicated by the Singapore Residential Price Index (SRPI), which monitors the price movements of 818 completed condominium developments. The index serves as a crucial indicator of market health, and the increase suggests renewed interest in private non-landed properties.
The backdrop of March’s price increase was a slight overall consumer price decline of 0.1% m-o-m, which could have influenced the behavior of potential buyers in the market. However, the resilience of the non-landed housing prices indicates that consumer sentiment in this segment may be more robust than in the broader economy. This divergence may highlight specific factors at play within the real estate market, suggesting that buyers are still willing to invest in private housing despite broader economic pressures.
Specific segments of the market exhibited varied performance, contributing to the overall dynamics. The non-Central Region sub-index rose by 0.5% m-o-m, underscoring a growing demand for properties outside the high-demand Central Region. This increase reflects a potential shift in buyer preferences, as people may be looking for more affordable housing options or larger living spaces that the non-Central Region can provide.
In contrast, the Central Region sub-index fell by 0.2% m-o-m, which indicates a cooling in prices in this traditionally sought-after area. The decline in the Central Region could be attributed to various factors, including increased competition and saturation in the premium property market.
Moreover, the sub-index for small units, defined as properties measuring 506 square feet and below, experienced a growth of 0.2% m-o-m. This increase signifies a continued interest in compact living spaces, which have gained popularity among young professionals and smaller households. The performance of small units suggests that this segment remains attractive, perhaps due to affordability and location advantages, as well as changing lifestyle preferences among buyers.
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News Source: Edgeprop
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