Private and HDB resale prices dip over 1 per cent

Resale prices of Housing and Development Board (HDB) flats fell 1.6 per cent in the first three months of 2014 from the last quarter of 2013, while private home prices declined by 1.3 per cent, according to data released on Friday.

The 1.6 per cent drop in the HDB resale price index was larger than the advance estimate of a 1.5 per cent decline made earlier this month.

Singapore home prices have fallen in recent months, hurt by government efforts to cool the housing market.

HDB resale prices have dropped for three consecutive quarters, while private home prices are down for the second straight quarter.

URA said price declines were observed across all segments of the private residential property market.

Prices of non-landed properties in the Core Central Region dropped by 1.1 per cent, following the 2.1 per cent decrease in the previous quarter.

In Outside Central Region, prices declined by 0.1 per cent, following the 1.0 per cent fall in the previous quarter.

Prices in the rest of Central Region declined 3.3 per cent, after registering a marginal 0.4 per cent increase in the previous quarter.

Rentals of private residential properties decreased by 0.7 per cent in the first quarter, accelerating from the 0.5 per cent decline in the fourth quarter.

Source : Channel NewsAsia – 25 Apr 2014