Private home prices in Singapore continue to fall in Q2: URA

URBAN Redevelopment Authority’s official private home price index fell one per cent in the second quarter of this year compared with the first quarter.

This is a smaller drop than the 1.3 per cent decline in the previous quarter. It is also the third straight quarter of price decline.

Giving a geographical split of non-landed private home prices, URA said prices in Core Central Region (CCR) fell 1.5 per cent in Q2, a bigger drop than the 1.1 per cent decline in Q1.

CCR covers the Downtown Core planning area, Sentosa and the traditional districts 9, 10 and 11.

In the city-fringe, or Rest of Central Region, prices eased 0.4 per cent, a smaller decline compared with the 3.3 per cent drop in Q1.

In suburban locations, or the Outside Central Region, prices decreased 0.9 per cent in Q2. In the first quarter, they had dipped 0.1 per cent.

Prices of landed properties fell 1.7 per cent in Q2, higher than the 0.7 per cent decline in the previous quarter.

Rentals of private residential properties fell by 0.6 per cent in Q2 – compared with the 0.7 per cent decline in Q1.

Developers launched 2,843 uncompleted private residential units (excluding executive condominiums or ECs) for sale in Q2 compared to 1,964 units in Q1. They sold 2,665 private homes in Q2 excluding ECs – an increase from the 1,744 units they sold in the first three months of this year.

No new EC units were launched for sale in Q2, but developers sold 154 EC units in Q2, compared to the 149 units sold in Q1.

There were 1,314 resale transactions in the April-June quarter of this year, up from 941 transactions in the first three months.

There were 139 subsale transactions in Q2 compared to 128 transactions in Q1.

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