Private home prices fell 1.3 percent in the third quarter of 2015, after dipping 0.9 percent in the previous quarter, according to more detailed information released on Friday by the Urban Redevelopment Authority (URA).
This is the eighth straight quarter of price decline with the Index at its lowest point since Q1 2011.
Prices declined across all segments of the market. Non-landed property prices fell 1.2 percent in the Core Central Region (CCR), 1.6 percent in the Rest of Central Region (RCR) and 1.6 percent in the Outside Central Region (OCR), compared to declines of 0.6 percent, 0.6 percent and 1.1 percent respectively in the previous quarter. Prices of landed properties declined 0.4 percent, compared to the 1.0 percent decline in the previous quarter.
Source: URA
Rentals of private residential properties fell 0.6 percent in Q3, compared to the 1.1 percent decline in the previous quarter. The rental decline was observed across all segments of the market. Rentals of non-landed properties fell 0.4 percent in the CCR, 0.8 percent in the RCR and 1.1 percent in the OCR, compared to the declines of 1.3 percent, 1.1 percent and 1.0 percent respectively in the previous quarter. Rentals of landed properties declined by 0.1 percent, compared with the 1.0 percent decline in the previous quarter.
Excluding executive condominiums (ECs), developers launched 2,435 uncompleted private units for sale in Q3, compared to 2,099 units in the previous three-month period. A total of 2,410 private homes were sold by developers last quarter, compared to 2,116 units in Q2.
Developers launched 2,387 EC units for sale in Q3 and sold 1,212 ECs over the same period, compared to 439 units sold in the previous quarter.
Source: URA
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
