Singapore’s fourth quarter private home prices fell 0.9 per cent — the first time in almost two years as the government’s mortgage curbs took effect.
The dip in prices was slightly more than the 0.8 per cent drop based on preliminary data announced on January 2.
According to final data from the Urban Redevelopment Authority (URA), prices of private homes for the full year rose 1.1 per cent, lower than the 2.8 per cent seen in 2012.
Prices of private homes in the suburban region declined by 1.0 per cent in the fourth quarter — the first drop since the second quarter of 2009.
The URA had earlier estimated prices in this area to have fallen 0.6 per cent in the fourth quarter.
Non-landed private residential units in the core central region fell 2.1 per cent, slightly slower than the 2.2 per cent fall estimated earlier.
Prices in the city fringe rose 0.4 per cent, bucking the earlier estimate of a 0.6 per cent dip.
In 2013, prices in city area dropped 1.9 per cent, while the city fringe saw prices dip 0.1 per cent. Prices in suburban area increased by 6.5 per cent.
Developers sold 14,948 units in 2013, significantly fewer than the 22,197 units sold in 2012.
Meanwhile, rentals of private residential properties decreased by 0.5 per cent in the fourth quarter, compared with the 0.2 per cent increase in the third quarter.
This was the first time that rentals have fallen since the third quarter of 2009.
For the full-year 2013, rentals increased by 0.9 per cent, lower than the 2.1 per cent
increase in 2012.
Source : Channel NewsAsia – 24 Jan 2014