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URA private home price index eases 0.3% q-o-q in Q2 2017 in 15th consecutive decline

Monday, July 3, 2017 - 09:03

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Prices of private homes in Singapore eased 0.3 per cent in the second quarter of this year over the first quarter, according to the Urban Redevelopment Authority's (URA) flash estimate.

PRICES of private homes in Singapore eased 0.3 per cent in the second quarter of this year over the first quarter, according to the Urban Redevelopment Authority's (URA) flash estimate.

This compares with a quarter-on-quarter drop of 0.4 per cent in Q1 2017.

The latest drop is the smallest q-o-q decline since the URA's benchmark private home price index peaked in Q3 2013.

The index, which has eased for 15 consecutive quarters, is now 11.8 per cent below the peak.

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URA said on Monday morning that prices of non-landed private residential properties fell by 0.9 per cent quarter on quarter in the Core Central Region (CCR) or prime areas in Q2, after easing 0.4 per cent in Q1.

In the city fringe or Rest of Central Region (RCR), prices rose 0.5 per cent, after registering an increase of 0.3 per cent in the previous quarter.

Prices in the suburbs or Outside Central Region (OCR) retreated 0.4 per cent, after inching up 0.1 per cent in the previous quarter.

Meanwhile, prices of landed homes fell 0.4 per cent in Q2, compared to the 1.8 per cent drop 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 up till mid-June. The statistics will be updated on July 28 when URA releases the full real estate statistics for Q2 2017.

"Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution," URA said.

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