Private home prices continue to moderate

Flash estimate of the private residential property index for the third quarter 2011 shows that the rate of increase in private residential property prices continues to moderate for the eighth consecutive quarter since the fourth quarter 2009.

According to flash estimates from the Urban Redevelopment Authority (URA), the private residential property index rose from 203.0 points in the second quarter 2011 to 205.7 points in the third quarter 2011.

This represents an increase of 1.3 percent, compared to the 2.0 percent increase in the previous quarter.

The biggest increase of 2.1 per cent was seen for private non-landed properties outside the central region.

This was followed by properties in the rest of the central region with a 1.1 per cent increase while property in the core central region rose 0.8 per cent.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter, supplemented by information on the number of new units sold.

Source : Channel NewsAsia – 3 Oct 2011

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