SINGAPORE – Prices of resale condominium units in January dipped for the first time in more than two years, as fewer units changed hands during the Chinese New Year seasonal lull period.
Overall condo resale prices fell by 0.6 per cent compared with December, when prices rose 0.7 per cent, according to flash figures from real estate portals 99.co and SRX released on Monday.
OrangeTee & Tie senior vice-president of research and analytics Christine Sun said transactions may continue to be muted in the months to come as fewer sellers have put up their units for sale.
“With prices remaining elevated, especially new home prices, the replacement cost of a home is high. Furthermore, some home owners may be inclined to keep their units for rental income since rents remain firm,” she said.