According to data released by the Singapore Real Estate Exchange, resale prices of Singapore apartments experienced their first decline in January, dropping by 0.8%, marking the first decrease in five months.

Over the past month, a total of 740 apartments were transacted, slightly down from 745 the previous month, representing a 0.6% decrease. Despite showing a 7.2% increase compared to the same period last year, the slight decline was enough to capture market attention.

The median resale price for apartments in January was approximately SGD 353,000. Among them, The Ritz-Carlton Residences on Cairnhill Road became the highest transacted resale apartment in January 2024, selling for SGD 16.5 million, attracting attention from industry insiders and investors.

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Analysts point out that some resale prices even surpass those of new apartments, potentially impacting buyers' purchasing intentions. With price fluctuations, market demand and supply are continuously adjusting.

However, it's worth noting that determining whether the trend in apartment prices is temporary or indicative of a broader market decline requires further observation of data over the next one to two quarters to make a more accurate assessment.

The changes in the Singapore real estate market not only reflect the influence of economic factors but also highlight buyers' sensitivity to price trends. For investors and buyers, staying informed about market dynamics, rationalizing price fluctuations, and formulating sound investment strategies are crucial. In the future, the development of the Singapore real estate market will require close attention to market changes and policy adjustments to better grasp investment opportunities and risks and achieve financial planning goals.