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Condo Resale Prices Drop By 1% In March

This article was originally on GET.com at: Condo Resale Prices Drop By 1% In March

Completed condo resale prices in Singapore have declined by 1% in March this year, according to the NUS Singapore Residential Price Index (SRPI).

Both the price drop from condos within the Central Region and Non-Central Region contributed to this overall dip.

Resale prices in the Central Region dropped by a slight 0.5%, compared to a 0.7% increase in February this year.

For example, the prices dipped by a further 1% last month for smaller units that are about 506 square feet (sq ft).

The drop could be due to property owners who are more willing to accept lower prices because they are desperate to sell off their property.

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Resale prices in Non-Central Region on the other hand, faced a steeper drop of 1.4%.

This could be due to the surplus in supply of condos in the suburban areas. With more ECs and condos launching in the coming months, already completed condos in suburban areas will continue to face fierce competition from new residential projects that are enticing because of their discounted prices and incentives.

Resale prices for condos are not the only ones facing this downward spiral. Rental prices for condos have also dropped to a comparable level to that of some HDB flats.

Keen To Find A Property?

If you are looking to buy a condo at lower prices, now may be a good time since there are property owners out there who are looking for buyers.

Or if you’ve been considering to refinance your home loan, then you should check out these 4 things you should consider when comparing home loans.

Are you looking for a home loan? Perhaps you can consider a home loan without a lock-in period as such a home loan package will give you flexibility. You can switch your home loan package whenever you find a cheaper deal elsewhere.

Save time by comparing home loans, with a home loan comparison site like GET.com.

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