Private non-landed housing prices up 0.7% m-o-m in September: NUS SRPI flash estimate

Flash estimates of the overall Singapore Residential Price Index (SRPI) released by the National University of Singapore’s Institute of Real Estate and Urban Studies (IREUS) suggest that prices of resale private non-landed residential properties in Singapore saw a 0.7% m-o-m growth in September – higher than the 0.5% m-o-m increase seen in the Singapore Consumer Price Index.

The SRPI tracks the price changes of 759 non-landed private residential projects completed between October 2003 and September 2021. The sub-index for the Central Region (excluding small units) rose 0.8% m-o-m, while the non-Central Region (not including small units) saw a 0.6% m-o-m increase. For small units, the sub-index experienced a 1.2% m-o-m growth.

The final overall SRPI for August was revised up to 1% m-o-m from its tentative 0.7% flash estimate. The Central Region (excluding small units) sub-index was adjusted to 0.9% m-o-m, higher than the initial 0.8% flash estimate. The non-Central Region (excluding small units) sub-index was likewise updated to a 1% m-o-m growth, one notch greater than the 0.7% flash estimate. For small units, the figure remained as the 0.3% flash estimate.

Lee Sze Teck, senior director of data analytics at Huttons Asia, attributed the slower rise in prices to the higher-for-longer interest rate environment cap which limited sellers’ gains and buyers’ willingness to pay more. He expects the high interest rate climate and overall economic uncertainties to keep sentiment restrained, resulting in price rises of no more than 8% in 2023.

The latest data released by IREUS also includes resale condo buyer profiles. On average, Singaporeans accounted for 74.6% of resale condo purchases, followed by Singapore Permanent Residents at 21.4%, and foreigners at 3.7%.

Regarding volume, non-landed private residential sales dropped 28% m-o-m in September. This was in contrast to the previous month’s 2.5% m-o-m growth in resale condo figures.

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When compared to sales figures in March 2021, the number of non-landed private home purchases by Singaporeans, Singapore Permanent Residents, and foreigners in the resale market respectively dropped by 37.4%, 46.2%, and 86.7% in September. The number of units bought by foreigners in the resale market during the month was 8 – 56% down from the 18 recorded the month before.