As per flash estimates from NUS Singapore Residential Price Index, Singapore’s completed non-landed property prices continued to decline in May 2015. This does not include landed property prices. This happened primarily due to buyers opting to hold back prospective purchases. Such a stance can also be explained considering the restrictive cooling measures that have been introduced and also due to curbs on loans.
Prices of condominiums across the island nation took a drop of 0.6 percent in May, as compared to the 0.3 percent slide that had taken place in April.
Also, not taking consideration of small units into account, the prices of private condos belonging to the central region of the nation took a 1.0 percent decline. Comparatively, the decline during the month of April stood at 0.3 percent. However, the prices of homes in the non-central region fared slightly better. Albeit, it recorded a 0.1 percent drop in May, when compared to the previous month’s slide of 0.4 percent, thus making it a smaller decline.
At the same time, small units that usually have a floor area of 506 sq. ft. or lower took a fall of 1.3 percent, contradicting April’s 0.4 percent rise.
The NUS price index for the central region is usually known to track properties that located in the districts 1 to 4 and districts 9 to 12. Non-central properties are ones that usually fall outside these districts.
The values also confirm with the recent state of Singapore’s property market, which has seen price declines in a number of property segments.