Private property prices fall by steeper 1.5% in Q3: URA flash estimates

FLASH estimates released by the Urban Redevelopment Authority (URA) for the private residential property price index on Monday showed a 1.5 per cent decline for the third quarter of 2016.

This compares with a 0.4 per cent decline in the second quarter.

Prices of non-landed private residential properties declined by 1.8 per cent in the core central region (CCR), compared to the 0.3 per cent increase in the previous quarter.

Prices in the rest of central region (RCR), or the city fringe, declined by 1.3 per cent, after registering an increase of 0.2 per cent in the previous quarter.

Prices in outside central region (OCR), or the suburbs, declined by 1.2 per cent, after registering a 0.5 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 (both licensed and de-licensed) up till mid-Sept 16, URA said.

The statistics will be updated four weeks later when URA releases the full real estate statistics for the third quarter, which capture more data.

This is also the first quarter that the URA is including net prices of units sold from developers of delicensed projects.