Oct 04, 2016

    Private home prices soften 1.5% in Q3

    FLASH estimates released by the Urban Redevelopment Authority (URA) for the private residential property price index yesterday showed a 1.5 per cent decline for the third quarter of this year.

    This compares with a 0.4 per cent fall in the second quarter.

    Prices of non-landed private residential properties dropped by 1.8 per cent in the core central region (CCR), compared with a 0.3 per cent increase in the previous quarter.

    Prices in the rest of central region (RCR), or the city fringe, declined by 1.3 per cent, after registering a rise of 0.2 per cent in the previous quarter.

    Prices in outside central region (OCR), or the suburbs, fell by 1.2 per cent, after registering a 0.5 per cent decline in the previous quarter.

    The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment, and data on units sold by developers (both licensed and delicensed) up till the middle of last month, URA said.

    The data will be updated four weeks later when URA releases the full real estate statistics for the third quarter.

    This is also the first quarter that it is including net prices of units sold from developers of delicensed projects.