Private home prices fall 0.7% in Q1

Private home prices fall 0.7% in Q1

SINGAPORE - Private residential property prices fell by 0.7 per cent in the first quarter of 2016, the Urban Redevelopment Authority (URA) said in a flash estimate on Friday.

This is a slightly bigger decline compared with the 0.5 per cent dip in the previous quarter.

While prices of non-landed private residential properties rose by 0.4 per cent in the Core Central Region (CCR) after a 0.3 per cent decline in the previous quarter, prices in the Rest of Central Region (RCR) declined by 0.4 per cent, which is the same rate of change as in the previous quarter.

Prices in the Outside Central Region (OCR) declined by 0.9 per cent, after registering no change in the previous quarter.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on new units sold by developers up till mid-March. The statistics will be updated 4 weeks later when URA releases the full real estate statistics for the first quarter.

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