Private home prices post first decline since early 2012

• 24 Jan 2014

Private home prices declined by 0.9 percent in the last three months of 2013, according to new URA data released on Friday.

This is the first time that overall prices have fallen since the beginning of 2012.

For the whole of last year, prices in this segment rose by 1.1 percent, lower than the 2.8 percent increase in 2012.

Prices of non-landed properties in the Core Central Region (CCR) further declined by 2.1 percent, after the 0.3 percent decrease in the previous quarter.

In the Outside Central Region (OCR), prices dropped by 1.0 percent, the first decrease recorded in the region since Q2 2009.

Prices in the Rest of Central Region (RCR) recovered 0.4 percent, after registering a 0.9 percent decline in the previous quarter.

For the entire 2013, prices in the CCR and RCR decreased by 1.9 percent and 0.1 percent respectively, while prices in the OCR increased by 6.5 percent. There was no growth in landed home prices.

Rentals of private residential properties slipped by 0.5 percent in Q4 2013, compared with the 0.2 percent increase in the previous quarter. This was the first time that rentals have fallen since the third quarter of 2009.

Overall, rentals in 2013 grew by 0.9 percent, lower than the 2.1 percent increase in 2012.

Photo by Nikki De Guzman

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg