[SINGAPORE] Resale prices and sales of non-landed private homes in Singapore were hit last month from what one market observer called a"triple whammy" of the coronavirus, the Chinese New Year seasonal slowdown and supply of new units from recent launches.
As a result, prices of resale homes in February slipped 0.8 per cent from January while sales volume fell 13.1 per cent, according to flash data released by real estate portal SRX Property on Tuesday. The month-on-month price decline is the biggest since a 1 per cent drop in October 2016, for SRX's data.
Prices dipped across all three market segments, with homes outside the central region posting the biggest decline of 1.3 per cent. Prices dipped just 0.1 per cent for apartments in the prime districts or core central region , and by 0.8 per cent for those in the city fringes or rest of central region .
"The temporary pullback in sales is not surprising," said Orange Tee & Tie's head of research & consultancy Christine Sun, who observed the"triple whammy". She said:"Given the heightened awareness of Covid-19, some owners and potential buyers had postponed their house viewings and this may have resulted in fewer deals being closed last month. Developers have also continued to launch new homes which may have drawn some demand from the secondary market.
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