Resale condo prices in Singapore fell by 0.6% in January compared to December, attributed to the seasonal slowdown in sales activities and limited supply as owners held off on selling. Property cooling measures also caused the number of units sold to drop for the fourth consecutive month, and volumes were 43.2% lower than a year before.
However, analysts believe the drop in prices is temporary and prices are likely to rebound due to steady demand for private residential properties among locals and foreigners, especially with the reopening of China's borders. Upcoming launches could also prop up the overall private property market, presenting a buying opportunity for home buyers.
Point form Summary
- Resale condo prices in Singapore fell by 0.6% in January compared to December, attributed to the seasonal slowdown in sales activities and limited supply as owners held off on selling.
- Property cooling measures caused the number of units sold to drop for the fourth consecutive month, and volumes were 43.2% lower than a year before.
- However, analysts believe the drop in prices is temporary and prices are likely to rebound due to steady demand for private residential properties among locals and foreigners, especially with the reopening of China's borders.
- Upcoming launches could also prop up the overall private property market, presenting a buying opportunity for home buyers.