Prices of private residential property fell 1.1 percent in the first quarter of 2015, according to flash estimates of the Urban Redevelopment Authority (URA) property price index.
This is the sixth consecutive quarter of price decline attributed to weaker demand amid tighter restrictions on the property market.
Non-landed home prices in all segments of the market trended downward, falling 0.6 percent in Core Central Region (CCR), 1.8 percent in Rest of Central Region (RCR) and 0.9 percent in Outside Central Region (OCR). Prices of landed properties fell 1.1 percent.
URA used a revised methodology to calculate the index this time, adopting the stratified hedonic regression method which can better control for different property variations such as age and unit size; switching from 12-quarter moving average weights to 5-quarter fixed weights; and adopting a new base period of Q1 2009.
For more details on the changes to the index, go to: http://bit.ly/1GJZnAt
Meanwhile, more complete data for Q1 will be released at a later date, said URA.
Source: URA
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
