URA private home price index dips 0.1% q-o-q in Q2; rental index down 0.2%

THE Urban Redevelopment Authority's final second quarter 2017 data released on Friday shows that the benchmark private residential property price index slipped 0.1 per cent in Q2 this year over Q1 2017, a smaller decline than the 0.3 per cent drop shown in the flash estimate released earlier this month.

In Q1 this year, the index fell 0.4 per cent quarter-on-quarter.

URA said that prices of landed properties declined by 0.3 per cent in Q2 this year, compared with the 1.8 per cent decrease in the previous quarter. Prices of non-landed properties dipped 0.1 per cent, after remaining unchanged in the previous quarter.

Prices of non-landed properties in the prime areas or Core Central Region (CCR) fell 0.5 per cent in Q2, compared with the 0.4 per cent decrease in the previous quarter. Prices of non-landed properties in the city fringe or Rest of Central Region (RCR) rose 0.6 per cent, compared with the 0.3 per cent increase in the previous quarter. Prices of non-landed properties in the suburbs or Outside Central Region (OCR) fell 0.3 per cent, against an increase of 0.1 per cent in the previous quarter.

URA's rental index for private homes fell 0.2 per cent in Q2, a smaller dip than the 0.9 per cent decline in the previous quarter.

Rentals of landed properties dipped 0.1 per cent, compared with the 2.3 per cent drop in the previous quarter. Rentals of non-landed properties decreased 0.2 per cent, after easing 0.7 per cent in the previous quarter.

The vacancy rate of completed private homes (excluding executive condos or ECs) was unchanged at 8.1 per cent at the end of Q2 2017 over the previous quarter.

As at end-Q2 2017, there was a total supply of 35,423 uncompleted private residential units (excluding ECs) in the pipeline, lower than the 36,942 units at end-Q1 2017. Of this number, 15,085 units remained unsold as at end-Q2.