Singapore boasts one of the most expensive real estate markets in the world. This is especially the case for private residential properties, since HDB flats are only available for citizens, and thus relatively protected from investor speculations. In order to slow down the market speculation that has driven up property prices, however, the Singaporean government has put in multiple measures to cool investor demand.

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So far in 2017, property prices seem to be still falling on average, while consumers’ debt leverage is increasing, a worrying sign for the economy. According to the SRX Property Index, property prices are in overall decline in Singapore, especially for both HDBs and landed private properties. However, while property prices are in decline overall, there were still pockets of price increases in some areas of Singapore. Below, we have prepared a study on property prices in Singapore to help prospective buyers plan out their purchases in advance.

Property Prices Are Generally Falling in Singapore, But Mostly in Central

Data from Urban Redevelopment Authority shows that there were meaningful increases in private property prices in non-central districts, as shown in our map below. Sure, the overall market was in an overall decline, but the most of the decline from the central area (i.e. postal district #9), where the median private property price per square foot declined by -46% to S$1,924 so far in 2017 from S$3,577 in 2016.

Median Price Per Square Foot of All Private Residential Property Transactions by Postal District (SGD)

HDB Prices Are Generally Falling in Singapore, But Not Everywhere

According to the data released by the Housing & Development Board, the median price of 4-room HDBs (the most common type of housing in Singapore) has fallen by -4% in Central so far in 2017 compared to its level in Q4 of 2016. However, the resale price of 4-Room HDBs increased in areas like Toa Payoh and Bukit Merah.

Median Resale Price of 4-Room HDB Flat by Town (SGD)