Sunday, February 12, 2012

Home prices go up, but sizes go down

Straits Times: Sat, Feb 11
THE prices keep going up but the median size of private homes has been rapidly shrinking as home buyers try to stretch their dollar further.

Developers are driving the trend as they downsize homes to keep them affordable even though the prices per sq ft (psf) have been increasing.

The shrinkage has been marked with the median size of all new homes sold last year falling to 904 sq ft - 26 per cent less than the median 1,216 sq ft just two years ago, according to an analysis by consultancy CBRE of caveats lodged.

Experts add that a typical three-bedroom unit has been whittled down from about 1,100 sq ft to 1,300 sq ft five years ago to about 1,000 sq ft.

Shoebox apartments of 500 sq ft and less are also likely to have brought the median home size down as they have been gaining in popularity in recent years.

They usually go for under $1 million and attract mostly investors...

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