Private resale property prices increase in March 2011

Private resale property prices released from the Singapore Residential Price Index compiled by the National University of Singapore's Institute of Real Estate Studies show general price increase in March compared to the decline in the preceding month.

In total, the prices recorded for March is up 0.8% compared to a drop of 1.6% for February.

The luxury prime resale units also has a reverse in fortune recording a rise of 0.8% in March compared to 2% drop in February.

The most outstanding rise of  2.8% was recorded for the so called shoebox units for homes of size less than 500 sq ft which dropped by 0.8 in the previous month . Meanwhile prices of outside the central area property also improved by 0.7%.

Analysts mentioned that the price increase were expected as the resale property market roar back with more sales activities.

This revival was a classic case of meeting demand when the stalemate between sellers and buyers eventually let to buyers relenting to the sellers.

1 May 2012