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URA’s private home price index up 15.8% in Q3

Posted on 24 Oct 2009 | Comments Off

The official private home price index rose 15.8 per cent in third quarter 2009 over the preceding quarter, according to latest data released by Singapore’s Urban Redevelopment Authority on Friday.

Click here for URA’s news release

URA’s price indices for office, shop and industrial properties decreased by 2.1 per cent, 1.2 per cent and 2.1 per cent respectively over the same period.

The planning authority’s Q3 2009 data also showed that rental indices of private residential, office, shop and industrial properties eased 2.2 per cent, 4.1 per cent, 0.9 per cent and 3.1 per cent respectively in Q3 over Q2 this year.

‘The rates of fall of rentals for all property types in Q3 2009 have moderated compared with the respective rates of fall in the Q2 2009,’ URA said in its release.

URA also provided a breakdown of prices of private homes. Its indices for non-landed private homes in the Core Central Region jumped 15.2 per cent in Q3 over Q2, while the price indices for Rest of Central Region and Outside Central Region rose 18.5 per cent and 16.1 per cent respectively.

In the landed housing segment, the price indices for detached, semi-detached and terrace houses increased by 15.6 per cent, 13.4 per cent and 15.1 per cent respectively quarter on quarter in Q3.

Source : Business Times – 23 Oct 2009

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Posted in Property Market / Real Estate, Property Price

Tagged Market Report, Singapore Property, Singapore Property Market, Singapore Property Prices

Home prices shoot up, rentals arrest their slide

Posted on 24 Oct 2009 | Comments Off

URA’s Q3 data points to strengthening property market; supply pipelines shrink, but may bulk up later

THE property market appears to be improving across the board – a trend underlined by Urban Redevelopment Authority’s data for the third quarter.

Private home prices rose sharply in Q3 over the preceding three months, while prices of office, shop and flatted factory space fell at a slower pace in Q3 than in Q2.

Property rentals – for offices, shops and industrial space as well as most categories of private homes – declined at a more modest rate in Q3.

In tandem with a more cheerful economic climate, positive demand returned to the office market, after three consecutive quarters of negative take-up from Q4 last year to Q2 2009. Supply pipelines are shrinking – although there’s still ample supply of offices, shops and industrial space. Vacancy rates increased in Q3 for private homes, offices, factory space but decreased for shops and warehouses. URA’s numbers show that the overall private home price index increased by 15.8 per cent in Q3 over Q2, a tad shy of the 15.9 per cent jump reflected in its earlier flash estimate for the same period. The latest rise in the index reversed four preceding quarters of declines.

In the primary market, developers sold a record 5,578 private homes in Q3, up 19.9 per cent from Q2. In the secondary market, the number of resale units sold rose 17.5 per cent quarter-on-quarter to 4,883. However, subsales (these cover projects that have not received Certificate of Statutory Completion) slid 19.3 per cent to 1,057 units. Subsales’ share of total private home sales fell from 12.9 per cent in Q2 this year to 9.2 per cent in Q3 – the first time that it has slipped below the 10 per cent mark since Q1 2007. Continue reading →