Private home prices rose less than 1% last month

10:20 PM Jan 28, 2011

SINGAPORE - Private home prices rose by less than 1 per cent last month from the previous month, according to the latest National University of Singapore (NUS) Singapore Residential Price Index.

The Singapore Residential Price Index (SRPI) for all properties grew 0.9 per cent month-on-month to 155.5 points. Suburban home prices grew the most, with month-on-month growth coming in at 2.2 per cent to reach 154.8. However, homes prices in the central region fell 0.8 per cent month-on-month.

Still, for the whole year, prices of completed homes increased by 11.9 per cent.

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 only completed non-landed properties in the central region and non-central regions.

Analysts say demand in the secondary residential market remains buoyant. They say a healthy resale market is evidence of strong owner-occupier demand, considered by experts to be a barometer of genuine buying interest. Dr Chua Yang Liang, Head Of Research South-east Asia, Jones Lang Lasalle said: "It reflects the mood of the real market and the real economy, the secondary market, in other words. Less speculative, unlike new launches." Jo-Ann Huang

Source: www.todayonline.com