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Singapore's private home resale prices fall slightly in March

Xinhua, April 14, 2015 Adjust font size:

The resale prices for non- landed private homes in Singapore fell slightly by 0.2 percent month on month in March, according to flash estimates released by the Singapore Real Estate Exchange on Tuesday.

On a year-on-year basis, the resale prices for non-landed private homes fell 3.9 percent. Compared with the recent peak in January last year, prices have declined 6.2 percent, it said.

Private homes refer to those developed by private developers. About 80 percent of the resident households in Singapore live in spacious public housing units built and sold by the government. The private homes are typically more expensive than public housing units.

The resale prices for private homes in the core central region and outside central region declined 0.3 percent and 0.4 percent, respectively, while rest of central region recorded a rise of 0.4 percent on-month in March.

The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying the estimated market value, remained at 10,000 Singapore dollars (7, 353 U.S. dollars) last month, the same as that in February.

The property prices in Singapore have been stabilizing in recent months, after authorities put in place several rounds of cooling measures to curb speculation in the real estate market. Endi