Prices of private homes slip for 4th straight quarter

PRICES of private residential properties slipped for the fourth straight quarter, flash estimates from the Urban Redevelopment Authority (URA) showed.

The overall Private Residential Property Price index, covering both landed and non-landed homes, fell 0.6 per cent in the third quarter, after slipping one per cent in the preceding quarter.

Prices of landed properties fell 1.7 per cent, after falling by the same magnitude in the previous quarter.

Prices of non-landed condos also fell across all segments. The Core Central Region saw prices slipping 0.9 per cent, after a 1.5 per cent decline in the second quarter, while the Rest of Central Region saw prices dipping 0.1 per cent, compared to the 0.4 per cent decline in the previous quarter.

Prices in the Outside Central Region dipped 0.2 per cent, compared to a 0.9 per cent fall in the previous quarter.

The URA said that the flash estimates are compiled based on transaction prices given in caveats lodged during the first 10 weeks of the quarter, supplemented by survey data on new units sold by developers in the quarter.

The data will be updated four weeks later when the URA releases the full real estate statistics for the third quarter, which captures more data on the caveats lodged and the take-up of new projects.