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The Urban Redevelopment Authority (URA)’s price index for private homes jumped 15.9 per cent in the third quarter of 2009 compared with the preceding quarter, according to a flash estimate released on Thursday.

This follows a 4.7 per cent quarter-on-quarter decline in the widely watched index in Q2.

URA also released flash estimates of the price changes in the three geographical regions for third quarter 2009. Prices of non-landed private residential properties increased by 16.2 per cent quarter on quarter in the Core Central Region, 19.1 per cent in Rest of Central Region and 15.4 per cent in Outside Central Region in Q3.

In contrast, for Q2 2009, the price indices for non-landed private homes dipped 5.2 per cent in Core Central Region, 4.4 per cent in Rest of Central Region and 2.3 per cent in Outside Central Region.

Source : Business Times – 1 Oct 2009

Singapore private property prices in the third quarter saw the steepest quarter-on-quarter increase since 1981.

The Urban Redevelopment Authority’s (URA) flash estimates showed private home prices rose 15.9 per cent in the third quarter – a sharp turnaround from the 4.7 per cent fall in the second quarter, and snapping four straight quarters of decline.

Overall, prices are back to where they were at the start of the year. And analysts said the data affirms the generally positive mood among buyers.

Brisk home sales in recent months, especially for units above S$2,000 per square foot, have seen overall prices recording their highest turnaround on record, since the data was first collected in 1975.

Analysts said it is mainly sentiment that is driving higher the demand and price increases.

Elaborating on the factors, Donald Han, managing director, Cushman & Wakefield, said: “In general, the feel good factor, the convergence of a few positive factors, particularly the stock market turnaround – we saw the green shoots come out from some economic indicators. Continue reading →