Updated: 01/13/2014 18:32

Prices in secondary private residential market continued to decline in December



Prices in secondary private residential market continued to decline in December

Resale prices of non-landed private residential units declined 0.2 per cent in December 2013, according to the SRX Property Resale Index. 

This marked the fourth consecutive monthly drop in the overall resale prices. 

Properties in the Core Central Region experienced the largest decline in December, at 2.3 percent, followed by those in the suburbs, at one per cent. 

Properties in the rest of the central Region bucked the overall trend with a price increase of 2.9 per cent. 

An estimated 377 non-landed homes were resold in December, similar to November's 375 units sold. 

Along with declining resale prices, rents fell 1.3 per cent. 

It's the fifth consecutive month which rents have fallen. 

Looking at 2013 as a whole, resale prices of non-landed propertie had fallen 3.7 per cent from February's peak. 

And rents have dropped 5.5 per cent from January's peak. 

There were a total of 6,550 non-landed private residential units sold in the resale market, down 46.7 per cent from 2012. 

SRX says 2013's resale number is roughly on par with the resale volume seen in Year 2008 during the global financial crisis. 

It also represented a 61.8 per cent volume drop from the 17,142 units transacted in the peak year of 2010.

Latest Photo Galleries on xinmsn

NEWS VIDEOS