URA's overall private home price index down 0.4% in Q2 over Q1

THE Urban Redevelopment Authority's (URA) latest flash estimates released on Friday showed that its overall private home price index fell 0.4 per cent in the second quarter of this year over the previous quarter, a smaller decline compared with the 0.7 per cent quarter-on-quarter drop in Q1 this year.

This marks the 11th consecutive quarter-on-quarter decline in the benchmark index since it peaked in Q3 2013. The flash estimates also mark the smallest quarter-on-quarter fall in the index since that recent peak.

URA said prices of non-landed private residential properties rose by 0.2 per cent in Core Central Region in Q2, after increasing 0.3 per cent in Q1. Prices in the city-fringe or Rest of Central Region rose by 0.3 per cent in Q2, after registering no change in Q1. Prices in the suburbs or Outside Central Region declined by 0.7 per cent, a smaller fall than the 1.3 per cent decline in the previous quarter.