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Resale prices of Singapore's private homes down 0.7% in November

Staff Writer |
Resale prices of Singapore's private homes dropped 0.7 percent in November on a month-on-month basis.

This is according to flash estimates released by National University of Singapore's Institute of Real Estate Studies (IRES).

Singapore Residential Price Index (SRPI) showed overall prices fell 0.7 percent in November, following a 0.2-percent drop in October.

IRES said resale prices of private homes in the central region, excluding small units, decreased by 0.8 percent month-on-month. While in the non-central region, resale prices fell by 0.7 percent.

As for small units, which have a floor area of up to 506 square feet, resale prices fell by 0.1 percent in November compared to the previous month.

Private homes are those developed by private developers. About 80 percent of the resident households in Singapore live in public housing units built and sold by the government. The private homes are typically more expensive than public housing units.

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