Private home prices end almost 4 years of decline: URA flash estimates

THE forecasts of most analysts came true on Monday.

The Urban Redevelopment Authority's (URA) flash estimates for the third quarter released on Monday morning showed the first uptick after 15 consecutive quarters of decline.

This, they say, could spell the start of a recovery in the private residential property market.

The private residential property index increased 0.5 per cent in Q3, compared to the previous quarter which experienced a 0.1 per cent drop.

Broken down by region, the prices of private condominiums and apartments increased by 0.2 per cent in Core Central Region (or city area), compared to the 0.5 per cent fall in the previous quarter.

Prices in the Rest of Central Region (or city fringe) was unchanged, after registering an increase of 0.6 per cent in the previous quarter.

Prices in Outside Central Region (or the suburbs) increased by 0.7 per cent, after registering a 0.3 per cent decline 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-September.

The statistics will be updated on Oct 27, when the URA releases its full set of real estate statistics for the third quarter.