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Private residential prices increased by 0.4% in 2Q 2012

Posted on 27 Jul 2012 | Comments Off

The Urban Redevelopment Authority (URA) released today the real estate statistics for 2nd Quarter 2012.

Prices of private residential properties increased by 0.4% in 2nd Quarter 2012, compared to the 0.1% decrease in the previous quarter.

Prices of non-landed properties in Core Central Region (CCR) and Rest of Central Region (RCR) increased by 0.6% and 0.4% respectively in 2nd Quarter 2012, compared to the decrease of 0.6% for both market segments in the previous quarter. For Outside Central Region (OCR), prices increased at a slower pace of 0.5% in 2nd Quarter 2012, compared to the increase of 1.1% in the previous quarter.

Rentals of private residential properties increased by 0.3% in 2nd Quarter 2012, the same rate of increase as in the previous quarter.

For new launches, a total of 6,115 uncompleted private residential units were launched for sale by developers in 2nd Quarter 2012, compared with 6,903 units in 1st Quarter 2012.

5,402 private residential units (both completed and uncompleted) were sold by developers in 2nd Quarter 2012, compared with 6,526 units in 1st Quarter 2012. Most of the units, close to 70%, sold by developers were from OCR in 2nd Quarter 2012.

Take-up of shoe-box units (i.e. smaller than 50 sqm) accounted for 19% (or 1,038 units) of new sales in the quarter, less than the 27% in the previous quarter. Lower-priced units less than $750,000 accounted for 27% (or 1,435 units) of new sales in 2nd Quarter 2012, lower than the 42% (or 2,766 units) seen last quarter (see Annex C-3).

The volume of resale transactions increased significantly from 2,206 units in 1st Quarter 2012 to 3,487 units in 2nd Quarter 2012. Resale transactions accounted for 37% of all sales in 2nd Quarter 2012, higher than the 24% in the previous quarter.

Sub-sales accounted for 6% of all sale transactions in 2nd Quarter 2012, higher than the 5% recorded in 1st Quarter 2012.

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Posted in Property Market / Real Estate

Tagged PRIVATE RESIDENTIAL PROPERTIES, Real estate, REAL ESTATE STATISTICS, Residential area, Singapore Property, Singapore Property Market, Singapore Property Prices, URA, Urban Redevelopment Authority

Housing prices could drop 10%-15%

Posted on 26 Jul 2012 | Comments Off

Housing prices in Singapore could fall 10 to 15 percent in the next 12 months, according to a report by UBS.

UBS claimed that while the property market remains resilient despite the government’s cooling measures, it is near a tipping point. However, this outlook is significantly more pessimistic than other expert predictions which expect stable prices or a lesser decline of up to five percent.

While the bank acknowledged that low interest rates and tight supply of housing are keeping prices resilient, it noted that other factors point to more cautious prospects in the coming months.

For instance, the city-state’s still recovering economic growth is now more uncertain. At the same time, the government’s cooling measures is continuing to discourage market activity.

For 1H2012, the proportion of homes bought by foreigners and companies dropped to seven percent from 20 percent last year. Additionally, the population growth rate has declined further due to tighter immigration policies.

Overall, these negative factors have soured the bank’s outlook on the property market, leading to its forecast of a “moderate” 10 to 15 percent price correction.

However, Ong Teck Hui, Executive Director at Credo Real Estate, disagrees with the UBS forecast.

Barring any major global events, he believes prices will move up or down marginally, just like in previous quarters.

“For prices to correct 10 to 15 percent, they will have to fall about 2.5 to four percent every quarter from now. This means that something serious has to happen and we should be experiencing some softening but we haven’t seen that,” he added.

Source : PropertyGuru – 26 Jul 2012