Private residential price at it’s lowest in over 4 years

In 2015’s third quarter, private residential prices went south by 1.3 percent. The previous quarter had already seen a 0.9 percent dip, according to the Urban Redevelopment Authority (URA) on Friday, when more detailed information could be released.

The Index has been at its lowest since the first quarter of 2011, and it is the eighth quarter in a row when prices have fallen. All market segments saw a price decrease. Property prices that are non-landed saw a 1.2 percent fall in the Core Central Region (CCR). The Rest of Central Region (RCR) and Outside Central Region (OCR) saw falls of 1.6 percent each. In the previous quarters, the three regions saw decreases of 0.6 percent in both CCR and RCR and a 1.1 percent fall in OCR. Landed properties saw a 0.4 percent decrease, compared to the decline of 1 percent in quarter two.

Source: URA

Q3 also saw the private rental properties fall by 0.6 percent, compared to 1.1 percent in Q2. All market segments saw this decline. Non-landed property rentals declined by 0.4 percent, 0.8 percent and 1.1 percent in the CCR, RCR and OCR respectively. This is compared to Q2’s falls of 1.3, 1.1 and 1 percent. Landed property rentals fell by 0.1 percent, but saw a 1 percent fall in Q2.

Source: URA

There were 2,435 uncompleted private units of new launch condo accounts—excluding the executive condominiums (EC)—in the third quarter. This was up from the 2,099 unites in the last quarter. Developers sold 2,410 private homes in the quarter, up from Q2’s 2,116 units.
EC unit sale launches were at 2,387 by developers, with 1,212 sold. In the previous quarter, just 439 of these units sold in the second quarter.

Article Source: Propertyguru – 23rd Oct 15

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