Resale of pte flats down 70.2% in Jan from a year ago
RESALE of non-landed private residential homes tumbled 70.2 per cent from 1,039 deals in January 2013 to 310 deals in January 2014, and the Singapore Real Estate Report (SRX) says this is a direct result of cooling measures.
The 310 resale deals also represent a 9.1 per cent fall from last December's 341 transactions.
"While CNY has had some impact, it is clear from the long-term data that the cooling measures are having maximum impact on the volume side of the equation," said Jeremy lee, co-founder of srx.com.sg.
Overall resale prices of non-landed private residential units rose 2.3 per cent in January this year, marking the second consecutive monthly rise in prices since last December, according to the SRX Property Resale Index.
Prices of resale homes outside the central region (OCR) gained 2.4 per cent, while those in the core central region (CCR) gained 2.1 per cent. The rest of the central region (RCR) however, saw resale prices soften by 0.9 per cent.
"Even though volume is low, prices continue to fight upwards. Our research suggests that market pricing is trying to keep up with Singapore's growth, as measured by gross domestic product," said Mr Lee.
Meanwhile, overall rental prices of private non-landed residential units rose 1.1 per cent, in what is its first climb in the last six months.
All three regions recorded rental price gains in January 2014. Rents in the RCR rose 3.6 per cent, CCR 0.4 per cent and OCR 0.2 per cent.
Rental deals also fell 14.1 per cent to 2,348 deals in January 2014, down from 2,734 deals in January 2013. But this was 8.1 per cent higher than the number of deals recorded last December.
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