Private home prices fall faster than expected

Private home prices fell in the last three months of last year in the first drop since the beginning of 2012, figures released by the Urban Redevelopment Authority (URA) today (Jan 24) showed.

Prices of private residential properties dipped by 0.9 per cent in the fourth quarter of last year, greater than the 0.8 per cent drip that the URA forecast earlier this month. The last time overall prices fell was in the Q1 2012.

For the year 2013 as a whole, prices of private residential properties increased by 1.1 per cent, lower than the 2.8 per cent increase in 2012.

Prices of non-landed properties in the Core Central Region (CCR) further declined by 2.1 per cent, after the 0.3 per cent decrease in the previous quarter.

In Outside Central Region (OCR), prices declined by 1.0 per cent, the first decrease recorded in the region since Q2 2009.

Prices in the Rest of Central Region (RCR) recovered 0.4 per cent, after registering a 0.9 per cent decline in the previous quarter

For the year 2013 as a whole, prices in CCR and RCR decreased by 1.9 per cent and 0.1 per cent, respectively, while prices in OCR increased by 6.5 per cent. There was no growth in the prices of private landed properties.

Rentals of private residential properties decreased by 0.5 per cent in Q4 2013, compared with the 0.2 per cent increase in Q3 2013. This was the first time that rentals have fallen since 3rd Quarter 2009.

For the year 2013 as a whole, rentals increased by 0.9 per cent, lower than the 2.1 per cent increase in 2012.

Source : Today – 24 Jan 2014

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