Announcement: Starting from January 2023 (for December 2022 reports onwards), 99-SRX will be changing the schedule for the following reports:
As government agencies such as HDB and URA have improved in its transparency and timelines in making property transactions public, 99-SRX will also follow their lead in using only publicly-available transactions for our reports. This also ensures transparency and reproducibility by parties seeking to clarify 99-SRX's indexes.
Hence, there will also be differences in all reports index values due to a shift to official data sources:
HDB Resale
i. Agency transactions will no longer be used in Price and Index calculations starting from January 2023.
NLP Resale
i. Non-caveated transactions will no longer be used in Volume, Price and Index calculations starting from December 2022's NLP Resale report. Only caveated transactions will be used.
Rental
i. Agency transactions will no longer be used in Volume, Price and Index calculations starting from December 2022's NLP and HDB Rental report.
ii. Base index shift from January 2009 to January 2015.
These changes do not affect the broad price trends observed in earlier reports. If you wish to retrieve the previous indexes, send an email to [email protected]
CCR = Core Central Region
RCR = Rest of Central Region
OCR = Outside Central Region
A. Condo Rental Market
Based on the new rental data source,
February 2024 rents decreases by 1.0% from January 2024. CCR, RCR and OCR rents decrease by 1.6% , 0.5% and 0.6% respectively
Volumes decrease by 21.0% month-on-month. An estimated 4715 units are rented in February 2024 as compared to 6017 units rented in January 2024.
B. HDB Rental Market
February 2024 HDB rents increase by 1.0% from January 2024. Mature Estates and Non-Mature Estates rents increase by 1.3% and 0.5% respectively. All room types record rent increase month-on-month : 3 Room by 0.4%, 4 Room by 1.5%, 5 room by 0.3% and Executives by 2.6%
Volumes decrease by 19.1% month-on-month. An estimated 2448 HDB flats are rented in February 2024 compared to 3027 units in January 2024.
HDB resale prices increased by 0.5% in February 2024 compared to January 2024. Both Mature and Non-Mature Estates prices increased by 0.5% and 0.3% respectively as compared to January 2024. In terms of room types, 3 Room prices increased by 0.9%, 4 Room prices increased by 0.6%, 5 Room prices decreased by 0.4% and Executive prices increased by 0.7%.
According to the SRX Property Price Index for HDB Resale:
2,134 HDB resale flats were transacted in February 2024, representing a 18.8% decrease from January 2024.
The highest transacted price for a resale flat in the month is achieved at $1,480,000 by an Executive flat at Bishan St 24
In February 2024, there are 50 HDB resale flats transacted for at least $1,000,000, representing a decrease from January 2024 which recorded 74 such units.
We have changed our HDB Resale data source to be using only official transactions from HDB. Previously, agency transactions and official transactions were used to supplement the data used to compute the index. The indexes have been retrospectively re-computed and changed to reflect the new data source.
Please email [email protected] to if you wish to get the historical HDB resale indexes prior to this change.CCR and OCR prices increase by 1.4% and 0.2% while RCR prices decrease by 0.6% in January 2024.
According to the SRX Price Index for Condo Resale:
An estimated 740 units were resold in January 2024, a 0.6% decrease from the 745 units resold in December 2023.
The highest transacted price for a resale unit in January is achieved at $16,500,000 at The Ritz-Carlton Residences Singapore Cairnhill.
The overall median capital gain for resale condos is $353,000 in January 2024, an increase of $42,000 from December 2023.
The overall median unlevered return for resale condos is 30.0% in January 2024.
Date | Value | % Change |
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SPI differs from other Singapore indices in four distinct ways:
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