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Performance of STI, private home resale market took different paths during pandemic

Private residential market resilience due to Singaporeans looking for investment, demand from HDB upgraders

Nisha Ramchandani

Published Mon, Jan 11, 2021 · 05:50 AM

Property investment

Singapore

PRICES of private homes in the resale market proved more resilient than the Straits Times Index (STI) in 2020 as home prices rebounded to end-2019 levels in the months following the circuit breaker.

According to data from the National University of Singapore's Institute of Real Estate and Urban Studies (IREUS), the prices of completed homes - represented by the Singapore Residential Price Index (SRPI) - fell less sharply and recovered more quickly than the STI last year.

As the global pandemic escalated, the benchmark index shed 22.1 per cent between end December 2019 and end May 2020. However, the impact on the private residential market was far more muted, with prices of completed homes easing just 2.6 per cent for the …