Resale prices for Singapore's non-landed private residential flats rose 1.1 percent in January month-on-month, according to estimates released by Singapore Real Estate Exchange (SRX Property) on Tuesday. SRX Property said the rise is bigger than the 0.5 percent gains seen in December and November 2016.
The rise applied across all locations in January month-on-month. Resale prices for downtown area, city fringe and suburban area rose by 1.9 percent, 1.5 percent and 0.4 percent respectively on a month-on-month basis.
Year on year, SRX Property said resale prices for Singapore's non-landed private homes in January were up 0.3 percent compared to January 2016. The gradual recovery in the resale market as buyers moderated their asking prices was also reflected in the rise in transactions, said SRX Property.
As for volume, an estimated 526 non-landed private residential units were resold in January, a 9.1 percent increase from the 482 units resold in December 2016. While on a year-on-year basis, resale volume in January was 29.9 percent higher compared to 405 units resold in the same period last year.
Compared with the peak in April 2010, resale volume was down by 74.3 percent compared to the 2,050 units resold at that time. The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property's estimated market value, rose from -5,000 Singapore dollars (-3,526.34 U.S. dollars) in December to -4,000 Singapore dollars (-2,821.07 U.S. dollars) in January.
Private homes are those developed by private developers. About 80 percent of the resident households in Singapore live in public housing units built and sold by the government. The private homes are typically more expensive than public housing units.
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