Prices of private homes fall 1% on-quarter in Q1: URA

Prices of private residential properties decreased 1 per cent quarter-on-quarter in the first quarter of 2015, representing the sixth straight quarter of price decline, the Urban Redevelopment Authority said on Friday (Apr 24).

The price index for Q1 dropped to 145.5, from the previous quarter’s 147.0. The decline was seen across the whole private residential property market, with non-landed properties in the Rest of Central Region (RCR) leading the drop with 1.7 per cent. Prices for the Core Central Region (CCR) dipped by 0.4 per cent, while the Outside Central Region (OCR) fell 1.1 per cent, the data showed.

Landed property prices also fell by 0.9 per cent, it added.

In terms of rentals of private residential properties, the rental index dropped 1.7 per cent from Q4 2014’s 114.1 to Q1 2015’s 112.2, URA said. The decline was seen across all segments, with the CCR leading the drop with 1.9 per cent.

Developers had launched 1,189 uncompleted private residential units, excluding Executive Condominiums (ECs), in Q1 – lower than the 1,592 units in the previous quarter. Sales hit 1,311, lower than the 1,376 units sold in Q4 2014, it added.

Source : Channel NewsAsia – 24 Apr 2015

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