Suburban home prices in Q4 fall for first time since 2009: URA flash estimates

Suburban home prices in Q4 fall for first time since 2009: URA flash estimates

SINGAPORE - Overall private home prices fell 0.8 per cent in October through December from the preceding three months, according to Urban Redevelopment Authority flash estimates released on Thursday.


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Here is the full statement from the Urban Redevelopment Authority (URA):

URA RELEASES FLASH ESTIMATE OF 4TH QUARTER 2013 PRIVATE RESIDENTIAL PROPERTY PRICE INDEX

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 4th Quarter 2013 today.

Overall, the private residential property index fell 1.8 points from 216.3 points in 3rd Quarter 2013 to 214.5 points in 4th Quarter 2013. This represents a decline of 0.8 per cent, compared to the 0.4 per cent increase in the previous quarter. For 2013 as a whole, prices increased by 1.2 per cent, less than the 2.8 per cent increase in 2012.

Prices of non-landed private residential properties in both Core Central Region and Outside Central Region declined in 4th Quarter 2013. In Core Central Region, prices fell 2.2 per cent, which is significantly larger than the 0.3 per cent decline in the previous quarter. Prices in Outside Central Region decreased for the first time since 2nd Quarter 2009, by 0.6 per cent, compared with the 2.2 per cent increase in the previous quarter. In Rest of Central Region, prices increased by 0.8 per cent in 4th Quarter 2013, compared with the 0.9 per cent decrease in the previous quarter.

For 2013 as a whole, prices in Core Central Region fell 2.1 per cent, while prices in Rest of Central Region and Outside Central Region increased by 0.3 per cent and 6.8 per cent respectively. Prices of landed private residential properties fell for the first time since 2nd Quarter 2009, by 1.2 per cent, after rising 0.3 per cent in the previous quarter.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter, supplemented by survey data on new units sold by developers in the first two months of the quarter. The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 4th Quarter 2013, which captures more data on the caveats lodged and the take-up of new projects.

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. The public is advised to interpret the flash estimates with caution.

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