HDB’s flash estimate of 138.6 for the first quarter of 2009’s resale price index (RPI) shows that, with just a marginal dip of 0.6% over last quarter’s 139.4, the public resale market is still going strong.
PropNex CEO Mohamed Ismail observes that despite an uncertain Q109, where private property prices saw cuts of 25% and more, HDB’s resale prices held firm, dipping only very slightly from its all-time high last quarter.
“The slight dip,” he feels, “is probably due to more buyers of HDB flats being resistant to paying high levels of cash-over-valuation (COV). While demand for HDB resale flats is evidently still strong, sellers in this economic climate are realising the weaker buying power of consumers.”
Mohamed Ismail expects the gentle downward trend to continue for the next two quarters, with an overall dip of about 2%.
For enquiries, please contact:
Mohamed Ismail (CEO) 9487 1414
Adam Tan (Corporate Communications Manager) 9006 8726