%20(1)%20(1)%20(1)_0.jpg?rpQOBMUNChUrITAyaL_YrUCxfXetZDJB&itok=RYeT03cK "The rise in the overall SRPI for March comes amid mixed movements across the sub-indices (Picture: Samuel Isaac Chua/The Edge Singapore)")
Prices of private non-landed residential properties inched up in March, reversing from the decline recorded in February, according to the National University of Singapore (NUS) Institute of Real Estate and Urban Studies (IREUS).
Flash estimates of the Singapore Residential Price Index (SRPI) published by IREUS on April 28 indicate that condo prices grew by 0.3% m-o-m in March. The SRPI tracks the month-on-month movement of private non-landed residential property prices in Singapore based on a basket of 818 completed condo developments.
March condo prices increased despite a marginal decrease in overall consumer prices over the same period. The Singapore consumer price index fell 0.1% m-o-m last month, according to data published by the Singapore Department of Statistics.
The rise in the overall SRPI for March comes amid mixed movements across the sub-indices. The SRPI sub-index for the Central Region (excluding small units) declined by 0.2% m-o-m last month, while the sub-index for the non-Central Region (excluding small units) increased by 0.5% m-o-m. The sub-index for small units, which IREUS defines as units measuring 506 sq ft and below, also increased, inching up 0.2% m-o-m in March.
Meanwhile, the final overall SRPI for February was adjusted to reflect a decrease of 0.4% m-o-m, narrowing slightly from its flash estimate that indicated a decline of 0.6%. For the sub-index for the Central Region (excluding small units), final figures for February remained the same as the flash estimate, reflecting a fall of 0.2% m-o-m.
The final sub-index for small units was revised to a 0.9% m-o-m decrease for February, smaller than the 1.1% drop indicated in the flash estimate.
