25 Apr '14, 5am

HDB resale prices could drop by up to 8%: PropNex chief #PR

Resale flat prices are continuing on a downward trend, falling by 1.6 percent in the first quarter of 2014, according to fresh data from the HDB. This marks three consecutive quarters of price decreases from 2013 (the index dipped 0.9 percent in Q3 2013 and 1.5 percent in Q4 2013). At the same time, resale transactions dropped by five percent from 4,001 cases in Q4 2013 to 3,781 cases in the first three months of this year. According to PropNex Realty, this is the result of measures imposed last year to cool the market and a continued supply of new flats. “The recent HDB’s change to the valuation procedure will also create a cautious approach from buyers, and I foresee them being more careful when giving an offer for a particular flat. This will further increase a downward pressure on resale prices in the coming quarters,” said Mohamed Ismail, CEO of PropNex. He does not e...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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