Private home prices fall 3.1% in 2016

Private home prices in Singapore fell 3.1 per cent in 2016, with both landed and non-landed properties witnessing a drop in prices, according to latest figures by the Urban Redevelopment Authority (URA) on Thursday (Jan 26).

The private residential property index also saw a 0.5 per cent dip from 137.9 in the third quarter to 137.2, which is the 13th consecutive quarter of decline.

For the prices of non-landed private residential properties, there was a quarter-on-quarter increase of 0.1 per cent in the Core Central Region (CCR), while prices in the Rest of Central Region (RCR) slid 2 per cent. Prices for those in the Outside Central Region (OCR) declined by 0.6 per cent on-quarter, figures showed.

For the whole of 2016, prices in the non-landed properties segment fell by 2.6 per cent, with the CCR, RCR and OCR declining by 1.2 per cent, 2.8 per cent and 3.4 per cent respectively.

As for prices of landed property private homes, they rose 0.8 per cent in the fourth quarter, but decreased 4.5 per cent for the whole year, URA said.

Rentals for 2016 fell 4 per cent, compared to the 4.6 per cent decline the year before, it added.

Source : Channel NewsAsia – 26 Jan 2017

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