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

May 2021 Rentals   (Download the full report here)

Headline: Condo Rents Increase Marginally by 0.3%; HDB Rents Increase 0.7% in May 2021
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A. Condo Rental Market

  1. May 2021 rents increase 0.3% from April 2021. CCR and OCR rents increase by 1.1% and 0.5% respectively while RCR rents decrease by 0.6%.

    • Year-on-year, overall rents increase by 7.3% from May 2020.
    • Year-on-year, rents in CCR, RCR and OCR increase by 5.1%, 6.1% and 9.7% respectively.
    • Rents are down 11.4% from the peak in January 2013.
  2. Volumes increase by 1.7% month-on-month. An estimated 4,603 units are rented in May 2021 as compared to 4,527 units rented in April 2021.

    • Year-on-year, rental volumes are 39.3% higher.
    • Volumes are 0.1% higher than the 5-year average volume for the month of May.
    • Breaking down by regions, in May 2021, 41.2% of the total volumes are from OCR, 30.7% from RCR and 28.0% from CCR.
    • Actual volume in April is lower than the estimate given in last month's flash report.

B. HDB Rental Market

  1. May 2021 HDB rents increase 0.7% from April 2021. Mature and Non-Mature Estates rents increase by 1.4% and 0.1% respectively. 3 Room, 4 Room, 5 Room and Executive rents increase by 0.4%, 1.5%, 0.3% and 0.9% respectively.

    • Year-on-year, overall rents increase by 7.9%.
    • Year-on-year, Mature Estates and Non-Mature Estates rents increase by 7.2% and 8.6% respectively.
    • Year-on-year, all room types record rent increases: 3 Room by 7.3%, 4 Room by 9.1%, 5 Room by 7.2% and Executive rents by 4.9%.
    • Rents are down 9.2% from the peak in August 2013.
  2. Volumes decrease by 0.9% month-on-month. An estimated 1,686 HDB flats are rented in May 2021 compared to 1,702 units in April 2021.

    • Year-on-year, rental volumes increase by 30.4% from May 2020.
    • Volumes are 8.5% lower than the 5-year average volume for the month of May.
    • Breaking down by room types, in May 2021, 36.8% of the total volumes are from 4 Room, 31.4% from 3 Room, 24.8% from 5 Room and 7.0% from Executive.
    • Actual volume in April is lower than the estimate given in last month's flash report.

May 2021 Non-Landed Private Resale   (Download the full report here)

Headline: Condo Resale Prices Grow 0.9% in May 2021; Volumes Decrease by 11.4%
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  1. RCR and OCR prices increase by 1.8% and 0.8% respectively while CCR prices decrease 0.7% in May 2021.

    According to the SRX Price Index for Condo Resale:

    • Month-on-month, overall prices increase by 0.9% over April 2021.
    • Year-on-year, overall prices increase by 6.9% over May 2020.
    • Year-on-year, all regions experience price increases: CCR by 2.8%, RCR by 6.4% and OCR by 8.7%.
  2. An estimated 1,722 units are resold in May 2021, an 11.4% decrease from the 1,944 units resold in April 2021.

    • Volumes are 811.1% higher than in May 2020, and 86.6% higher than the 5-year average volumes for the month of May.
    • Breaking down by regions, in May 2021, 59.3% of the volumes are from OCR, 23.0% from RCR and 17.6% from CCR.
  3. The highest transacted price for a resale unit in the month is achieved at $13.3 million at The Marq on Paterson Hill.

    • In RCR, the highest transacted price is a unit at Reflections at Keppel Bay resold for $5.7 million.
    • In OCR, the highest transacted price is a unit at Saint Patrick’s Residences resold for $3.5 million.
  4. Overall median capital gain is $190,800 in May 2021. This represents a decrease of $9,200 from April 2021. The capital gain or loss of a condo resale unit is calculated by comparing the current transacted price with the previous transacted price of the same unit.

    • District 21 (Clementi / Upper Bukit Timah) posts the highest median capital gain at $377,000, followed by District 9 (Cairnhill / Orchard Rd / River Valley) at $368,888.
    • District 4 (Sentosa / Harbourfront) is the only district that posts a median capital loss at -$135,000.
    • Capital gain data only include districts with more than 10 matching transactions.

May 2021 HDB Resale   (Download the full report here)

Headline: HDB Resale Prices Continue Climbing for Eleven Straight Months in May 2021; Volumes Drop Below 2,000 Since 11 Months Ago
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  1. HDB resale price increases 1.2% in May 2021 compared to April 2021. Mature and Non-Mature Estates prices increase by 0.9% and 1.4% respectively, as compared to April 2021. In terms of room types, 3 Room, 4 Room, 5 Room and Executive prices increase by 1.6%, 1.0%, 1.5% and 1.4% respectively.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, the overall price increase is 12.0%.
    • Year-on-year, prices for all room types increase in May 2021: 3 Room by 13.7%, 4 Room by 11.1%, 5 Room by 12.0% and Executive by 13.0%.
    • Mature and Non-Mature Estates prices increase by 11.6% and 12.4% respectively from a year ago.
    • May 2021 prices are 2.6% lower than the peak in April 2013.
  2. 1,966 HDB resale transactions in May 2021, representing a 16.0% decrease from April 2021.

    • Year-on-year, resale volume in May 2021 is 440.1% higher than the previous year.
    • Breaking down by room types, in May 2021, 43.5% of the volume comes from HDB 4 Room, 26.7% from 5 Room, 21.1% from 3 Room and 7.3% from Executive. The rest are from 1 Room, 2 Room and Multi-Gen.
  3. The highest transacted price for a resale flat in the month is achieved at $1,210,000 by a 5 Room unit at Buona Vista Court. In Non-Mature Estates, the highest transacted price is achieved at $865,000 by an Executive Apartment unit at Hougang Central.

  4. In May 2021, there are 13 HDB resale flats transacted for at least $1,000,000, representing a decrease from April 2021 in which 21 such units were transacted.

    • The number of million-dollar flats sold comprises 0.7% of the total resale volume in the month.
    • In the first five months of 2021, a total of 87 HDB flats have been transacted for more than a million dollars so far, surpassing the 82 million-dollar flats sold for the whole year of 2020.

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.


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