However, market watchers are not convinced that private residential prices will follow this upward trend.
Prices of completed condos increased by 0.1% in September, according to National University of Singapore’s (NUS) estimate.
Although this broke the streak of five consecutive months of price declines since April, market watchers still firmly believe that private residential prices will continue to drop.
In August, there was a 0.1% and 0.8% decline in prices in small units (up to 506 sq ft) and non-central region units respectively. Prices of completed units in the central region (excluding small units) also saw a 0.4% drop in September, and 0.3% drop in August.
ERA Realty key executive officer Eugene Lim said that the overall marginal price increase in completed condo units was attributed to the lack of major project launched in September, thus turning homebuyers’ attention and interest to the resale market instead.
In general, small price fluctuations are expected in coming months. “With the looming number of completions coupled with the cooling measures that the government is keeping unchanged currently, the downward pressure on property prices is expected to continue into 2016,” says Mr Lim.
Read more at Business Times.
If you enjoyed this article, you might be interested inDo privatised ECs offer higher rental yields than private condos? andHow to win the race: Leasing strategies for condo landlords.
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