SRX Property Index (SPI) Chart

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Note: The latest month's value is based on flash estimate.
Source: Singapore Real Estate Exchange (SRX)

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Observations

Legend:

CCR = Core Central Region

RCR = Rest of Central Region

OCR = Outside Central Region

July 2022 Rentals   (Download the full report here)

Headline: Condo Rents Rise by 1.7% in July 2022, Rising for 19th Consecutive Month; HDB Rents Increase by 1.5%, Increasing for 25th Straight Month
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A. Condo Rental Market

  1. July 2022 rents climb by 1.7% from June 2022. CCR, RCR and OCR rents increased by 1.2%, 1.7% and 2.2% respectively.

    • Year-on-year, overall rents increased by 23.5% from July 2021.
    • Year-on-year, rents in CCR, RCR and OCR increased by 21.8%, 21.6% and 26.3% respectively.
  2. Volumes increased by 5.3% month-on-month. An estimated 4,809 units are rented in July 2022 as compared to 4,568 units rented in June 2022.

    • Year-on-year, rental volumes are 2.9% lower.
    • Volumes are 9.1% lower than the 5-year average volume for the month of July.
    • Breaking it down by region, in July 2022, 38.1% of the total volumes are from OCR, 35.7% from RCR and 26.2% from CCR.

B. HDB Rental Market

  1. July 2022 HDB rents increased by 1.5% from June 2022. Mature Estates rents increased by 2.5% while Non-Mature Estates rents increased by 0.4%. 3 Room, 4 Room, 5 Room and Executive rents increased by 2.3%, 0.1%, 2.5% and 1.9%.

    • Year-on-year, overall rents increased by 19.1%.
    • Year-on-year, Mature Estates and Non-Mature Estates rents increased by 18.7% and 19.3% respectively.
    • Year-on-year, all room types record rent increases: 3 Room by 19.7%, 4 Room by 17.4%, 5 Room by 20.9% and Executive rents by 15.0%.
  2. Volumes increased by 11.1% month-on-month. An estimated 1,762 HDB flats are rented in July 2022 compared to 1,586 units in June 2022.

    • Year-on-year, rental volumes decrease by 3.2% from July 2021.
    • Volumes are 8.7% lower than the 5-year average volume for the month of July.
    • Breaking it down by room type, in July 2022, 35.1% of the total volumes are from 3 Room, 37.0% from 4 Room, 22.3% from 5 Room and 5.6% from Executive.

July 2022 Non-Landed Private Resale   (Download the full report here)

Headline: Condo Resale Prices Rise for 24th Straight Month, Increasing by 1.2% in July 2022; Volumes Fall by 30.7% Year-on-Year
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  1. CCR, RCR and OCR prices increase by 0.9%, 0.8% and 1.5% respectively in July 2022.

    According to the SRX Price Index for Condo Resale:

    • Month-on-month, overall prices increased by 1.2% over June 2022.
    • Year-on-year, overall prices increased by 9.8% over July 2021.
    • Year-on-year, all regions experienced price increases: CCR by 6.4%, RCR by 9.4% and OCR by 10.9%.
  2. An estimated 1,248 units were resold in July 2022, a 6.7% decrease from the 1,338 units resold in June 2022.

    • Volumes are 30.7% lower than in July 2021, and 4.4% higher than the 5-year average volumes for the month of July.
    • Breaking it down by region, in July 2022, 59.1% of the volumes are from OCR, 24.6% from RCR and 16.3% from CCR.
  3. The highest transacted price for a resale unit in the month of July is achieved at $22,289,400 at Le Nouvel Ardmore.

    • In RCR, the highest transacted price is a unit at Echelon resold for $ 5,500,000.
    • In OCR, the highest transacted price is a unit at Double Bay Residences resold for $ 3,400,000.
  4. The overall median capital gain for resale condos is $291,144 in July 2022, an increase of $10,489 from June 2022.

    • District 21 (Clementi Park / Upper Bukit Timah) posts the highest median capital gain at $900,500. District 13 (MacPherson / Potong Pasir) posts the lowest median capital gain at $148,450.
    • The capital gain of a condo resale unit is calculated by comparing the current transacted price with the previous transacted price of the same unit. Districts with fewer than 10 matching transactions are excluded from the ranking.
  5. The overall median unlevered and levered returns for resale condos are 26.4% and 63.2% respectively in July 2022.

    • District 21 (Clementi Park / Upper Bukit Timah) posts the highest median unlevered return at 78.5%. District 13 (MacPherson / Potong Pasir) posts the lowest median unlevered return at 13.6%.
    • District 21 (Clementi Park / Upper Bukit Timah) posts the highest median levered return at 237.8%. District 9 (Orchard / River Valley) posts the lowest median levered return at 2.7%.
    • The returns of a condo resale unit are calculated by comparing the current transacted price with the previous transacted price of the same unit. Districts with fewer than 10 matching transactions are excluded from the ranking. Assumptions used for the calculation of levered returns can be found on page 5 of the report.

July 2022 HDB Resale   (Download the full report here)

Headline: HDB Resale Prices Rise for the 25th Straight Month, Climbing by 0.7% in July 2022
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  1. HDB resale prices increased by 0.7% in July 2022 compared to June 2022. Mature and Non-Mature Estates prices increase by 0.8% and 0.6% respectively, as compared to June 2022. In terms of room types, 3 Room and 4 Room prices increase by 0.6% each, 5 Room prices rise by 0.5% while Executive prices climb the most by 1.2%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, the overall price increase is 11.6%.
    • Year-on-year, prices for all room types increase over July 2021: 3 Room by 11.7%, 4 Room by 11.6%, 5 Room by 11.5% and Executive by 13.6%.
    • Mature and Non-Mature Estates prices increase by 10.7% and 12.3% respectively from a year ago.
  2. 2,363 HDB resale flats transacted in July 2022, representing a 10.5% increase from June 2022.

    • Year-on-year, resale volume in July 2022 is 11.3% lower than the previous year.
    • Breaking it down by room type, in July 2022, 42.0 % of the volume come from HDB 4 Room, 24.8% from 5 Room, 23.5% from 3 Room and 8.1% from Executive. The rest are from 1 Room and 2 Room.
    • Breaking it down by estate, 56.7% of the resale volume in July 2022 come from Non-Mature Estates. The remaining 43.3% in the month are from Mature Estates.
  3. The highest transacted price for a resale flat in the month is achieved at $1,418,000 by a 5 Room Premium Apartment Loft unit at SkyTerrace @ Dawson. This is also the most expensive flat ever sold.

    • In Non-Mature Estates, the highest transacted price is achieved at $1,072,888 by an Executive Apartment unit at Hougang Central.
  4. In July 2022, there are 33 HDB resale flats transacted for at least $1,000,000,representing a slight increase from June 2022 in which 31 such units were transacted.

    • The number of million-dollar flats sold comprise 1.4% of the total resale volume in the month.
    • Bishan records ten million-dollar flats sold in the month, followed by Ang Mo Kio with five units while Queenstown records four units. The rest of the million-dollar flats come from Bukit Merah, Toa Payoh, Central Area, Bukit Timah, Woodlands, Hougang, Bukit Batok, Serangoon and Marine Parade.

Index Value And Change

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About SPI

About the Singapore Real Estate Exchange Property Index (SPI)

On the Friday of the first full work week for each month, SRX releases the Singapore Real Estate Exchange Property Index (SPI) as a public service to the community.

SPI differs from other Singapore indices in four distinct ways:

  1. SPI is the first index to calculate price changes that take into account unique Singaporean factors such as the property's distance to a top primary school or an MRT station. The index, of course, controls for standard index factors like location, age of property, size, floor levels and land tenure.
  2. SPI uses a Hedonic Regression methodology modeled on proven real estate economics and consumer price indices worldwide.
  3. SPI employs unique data available only to SRX. As a result, for private sale transactions, the indices include both public caveated transactions and non-caveated transactions, resulting in a comprehensive view of the property market at any point in time.
  4. Due to its industry-wide integration with the market's major estate agencies StreetSine, on behalf of SRX, collects, processes, integrates and crunches data in real-time. Hence, StreetSine can calculate and release monthly SPI updates before other Singaporean indices.

For more information, please refer to the SPI White Paper.


Disclaimer

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Singapore Real Estate Exchange Property Index, SPI, Singapore Real Estate Exchange and SRX are trade names of SSPL.