URA private home price index down 0.7 per cent in Q3

Kalpana Rashiwala
Published Fri, Oct 24, 2014 · 01:21 AM
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PRICES of private residential properties decreased by 0.7 per cent in the third quarter of this year over Q2. This follows the 1.0 per cent fall in Q2 and is the fourth straight quarter of price decline.

The Urban Redevelopment Authority (URA) said on Friday morning that price declines were observed across all segments of the private residential property market.

Prices of non-landed homes in the Core Central Region (CCR) declined by 0.8 per cent, following the 1.5 per cent decrease in the previous quarter.

Prices in the city-fringe or Rest of Central Region (RCR) shed 0.4 per cent in Q3, the same rate of decline as in the previous quarter.

In the suburbs or Outside Central Region (OCR), prices declined by 0.3 per cent in the July-August quarter, after falling 0.9 per cent in the second quarter.

The URA also said prices of landed homes fell 1.8 per cent, more than Q2's 1.7 per cent decrease .

Rentals of private residential properties fell by 0.8 per cent in the third quarter, a bigger drop than the 0.6 per cent decline in Q2.

Excluding executive condominium (EC) units, developers sold 1,531 private residential units in Q3, significantly lower than the 2,665 units sold in Q2.

In the secondary market, there were 1,288 resale transactions in the third quarter, down from 1,389 in Q2. Resale transactions accounted for 43.6 per cent of all private home sales in Q3, compared to 33.0 per cent in Q2.

There were 136 sub-sale transactions in Q3, lower than the 158 transactions in Q2.

The vacancy rate of completed private residential units - again, excluding EC units - remained unchanged at 7.1 per cent at the end of Q3.

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