Average resale values of completed freehold non-landed residential properties in Singapore’s luxury and prime areas fell the most in Q3 2014 from the quarter before – by 2.5 and 2.0 percent respectively, revealed DTZ.
The decline was lesser in the non-prime areas, with average freehold resale values dropping by 1.5 percent in Q3 from the previous three months.
Comparatively, leasehold values decreased slightly more by 2.0 percent in the period.
The report also stated that average resale values of non-landed residential properties have fallen by about 5.0 to 9.0 percent since the introduction of the TDSR framework at the end of June 2013.
Meanwhile, the landed property segment became weaker in Q3, with average resale prices falling at a faster rate compared to Q2 across both the prime and non-prime areas.
In prime districts 9, 10 and 11, only the detached segment stayed firm, but average resale prices of both semi-detached and terrace houses posted a 2.0 percent decline quarter-quarter in Q3.
Over in the suburban areas, average resale prices of freehold landed homes decreased by 2.2 percent in the third quarter, slightly faster than the previous 2.0 percent drop.
According to the consultancy, the private residential market remains a buyers’ market. “The increasing inventory from unsold units that have already been launched and upcoming launches will continue to provide buyers with many options and aid in sustaining a buyers’ market for the months ahead,” said Lee Lay Keng, DTZ’s Regional Head (SEA) Research.