Resale Prices For Singapore’s Private Flats Up

Resale prices for private flats in Singapore property market enjoyed 2.5 per cent rise in September from August 2012.

Singapore (I-Newswire) October 15, 2012 - Resale prices for private flats in Singapore property market enjoyed 2.5 per cent rise in September from August 2012. More home buyers are willing to buy resale flats because of the option to stay in the property or rent out immediately. The current low mortgage rate also help.

Some experts believe that while the global economy may be uncertain, this has not affected the buying sentiment too much especially with the low interest rate environment and the quantitative easing program by United States which will ensure more years of low interest rates. Other experts expect prices to continue inching upwards. Every time there is a new launch, the price difference with the surrounding resale properties can be at least 10 per cent. While some buyers may choose to pay a premium for new launches, some buyers may also see value in the buying resale homes. As new launches creates new benchmark prices, values of resale flats will also be pulled higher.

The average rents also follows similar upward trend. Overall average rents in Singapore property market is about $3.87 per square foot per month up from $3.76. Resale prices for non landed private residential unit for core central region is about $1,738 per square foot, for rest of central region is about $1,199 per square foot and for outside central region, its about $921 per square foot.

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