Prices of apartments dipped 2% in Feb
Prices of resale non-landed private homes in Singapore slipped in February.
Data from the Singapore Real Estate Exchange, or SRX, showed that the prices fell 2 per cent last month, after two consecutive monthly gains.
Analysts attributed the fall to slow sales during the Lunar New Year period as well as the cooling measures and Total Debt Servicing Ratio or TDSR.
Looking ahead, Thomas Tan, executive director at REMAX expects total resale prices to trend lower.
"That's due to volume being low, so once you have low volumes, demand is curbed somewhat. And eventually some sellers will be willing to lower their expectations to move their units in the resale market, so that will contribute eventually to the price moderation. But put this into perspective, we should not be expecting a crash, its a moderation of between maybe 5, and 8 percent maximum."
The SRX report show that resale transaction volume tumbled 22 percent on-year to the lowest monthly resale volume since December 2008.
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