Condo resale prices fall for first time in 10 months

Analyst says 0.5% overall dip in October is likely due to the influx of new supply

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Resale prices of private condominiums dropped for the first time in 2024, as prices slipped in the city fringe area.

Flash estimates from SRX and 99.co on Nov 25 showed that overall condo resale prices in October dipped 0.5 per cent month on month.

In the rest of central region (RCR), prices were down 0.8 per cent. However, in the core central region (CCR) and outside central region (OCR), prices were up 0.5 per cent and 1 per cent, respectively.

Islandwide, condo resale prices are still higher year on year - by 3.7 per cent in the CCR, 3.3 per cent in the RCR, and 3.9 per cent in the OCR.

The last time prices registered a contraction was in December 2023, said Mr Luqman Hakim, chief data and analytics officer at 99.co.

Mr Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, noted that the moderation in private resale prices is likely due to the influx of new supply, as 3,225 non-landed units reached their temporary occupation permit (TOP) in the third quarter of 2024.

"This represents the highest quarterly number of completed units for the year, following the peak of 4,036 non-landed units in Q4 2023," he said.

Mr Sandrasegeran added: "The increase in newly completed units for the year have likely contributed to the easing of private resale prices."