Completed private condominium prices rose 0.6% in October, following signs of a recovering market as seen in the past few quarters.
Pace of private apartment price-rise increasing
September’s NUS Singapore Residential Price Index (SRPI) figures showed a 0.2% rise. October’s month-on-month increase of 0.6% certainly trumps that.
Rising land prices and an overall exuberance in the local real estate market has boosted confidences all around. Investors, developers, buyers, and sellers have been riding on a small but new wave of recovery. A much-welcomed change for the better after 15 consecutive quarters of declining prices and sales.
Prices increased in both central and suburban regions
Prices of completed private apartments rose both in the central and non-central regions. In districts 1 to 4 and 9 to 11, all considered prime or central districts, prices rose. In these districts popular with expatriates and young professionals, prices rose 1.2% last month, up from the 0.4% rise in September. In the non-central regions, prices rose 0.3% in October. Small apartments sized 506 sq ft and smaller fared less well. The prices of these apartments gained 1% in September but fell 0.8% in October.
In the broad spectrum, however, the positive direction the sector is taking looks to continue well into the year-end and perhaps start of 2018 on a happy note. Compared to the same month last year, prices have rose 2.4%.