Private home prices flat in July: NUS index

The NUS Singapore Residential Price Index (SRPI) has shown that Singapore private home prices in July were flat, as compared to the previous month.

The overall index gained just 0.2 per cent from June, as the pace of price increase slowed.

Colin Tan, head of Research and Consultancy for Chesterton Suntec International, said this is mainly due to the global uncertainty over the US economy and the eurozone sovereign debt.

Mr Tan added that as long as this uncertainty persists, private home resale prices would likely remain flat over the next month or so.

Excluding small units with a floor area of 506 square feet or below, the index for properties in the central area was down 1.3 per cent, while non-central properties showed a 1.2 per cent increase.

Meanwhile, the index for small units was up 1.4 per cent from June.

The SRPI is a transactions-based index that tracks the month-on-month price movements of private, non-landed residential properties in Singapore.

Compiled by the NUS Institute of Real Estate Studies, the index covers completed non-landed properties in the central and non-central regions.

Source : Channel NewsAsia – 29 Aug 2011

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