Completed private property prices dipped slightly in April but industry experts are confident the market is well on road to recovery.
0.3% dip in completed private home prices a possible technical blip
There was a 0.3% dip in April’s completed private home prices, following a 1% rise in March. But the en bloc market has been remarkably active and buyers’ responses have continued to be fervent. While these factors are not the only ones signaling a market recovery, they are significant in determining the health of the real estate industry.
Singapore’s economy and job market have improved and sentiments are positive all-around. While the road may not be entirely smooth, property analysts still expect prices to rise this year.
There was a 0.8% drop in prices of apartments in the central region (districts 1 to 4 and 9 to 11). Small units in this region continue to sell well. Included in these districts are the financial district and Sentosa Cove.
Small units in central locations selling better
However, shoebox units in the non-central regions did not fare as well. The prices of these units sized less than 506 sq ft fell 0.6% in April compared to an increase of 0.8% in March.
These small units are finding favor with investors once more, with prices rising 2.1% thus far. Year-on-year, the increase is 3.1%.
Overall, completed non-landed home prices have risen 1.7% thus far this year. The non-central region and central region saw 2.3% and 0.9% increment respectively.