Prices of private housing units in Singapore are still falling.
The private residential property price index fell 2.1 points to 137.9 in the third quarter of 2016 from 140.0 points in the previous quarter, according to the Urban Redevelopment Authority’s (URA) flash estimates released on Monday (3 October).
This represents a decline of 1.5 percent, compared to the 0.4 percent drop seen in the previous three-month period.
Specifically, non-landed private home prices in the Core Central Region (CCR) fell 1.8 percent, compared to the 0.3 percent increase registered in Q2.
The Rest of Central Region (RCR) saw prices drop 1.3 percent, after witnessing an increase of 0.2 percent during the previous quarter.
Prices in the Outside Central Region (OCR) also fell 1.2 percent, following a 0.5 percent decline in Q2.
The flash estimates are compiled based on transaction prices provided in contracts submitted for stamp duty payment as well as data on units sold by developers up till mid-September.
The URA will update the statistics in four weeks’ time when it releases the full statistics for Q3, which captures more data.
“Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small,” said the URA.
As such, it advises the public to interpret the flash estimates with caution.
Source: Urban Redevelopment Authority
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
