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S'pore's high-end home prices fall to 18-month low in June

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(Globalpost/GlobalPost)

S'pore's high-end home prices fall to 18-month low in June

SINGAPORE, July 14 (Xinhua) -- The resale prices for Singapore' s non-landed private residential homes, mostly high-end apartments, fell by 1.4 percent in June to hit an 18-month low, the Singapore Real Estate Exchange said on Monday.

Compared to the price peak in January this year, the resale prices for non-landed private residential properties in June were 4.7 percent lower, based on the flash estimates.

The prices fell for all the different regions.

The number of resale transactions, however, went up, registering a 7.9 percent month-on-month growth to reach 452 in June. Resale volume has gone up by 53.7 percent since the beginning of the year.

About 80 percent of the resident population in Singapore live in the somewhat standardized but spacious and comfortable public housing units built and sold by the government. The market for private homes, which is separated from the public housing resale market, is considered high-end.

The resale prices for public housing units recently have also been falling, too, partly due to the several rounds of cooling measures put in place by the government in recent years.

The rental prices for the private non-landed homes in June also slipped 0.8 percent compared with the previous month, while volume went up 2.2 percent.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140714/spores-high-end-home-prices-fall-18-month-low-june