Private home prices rise 1.3% in Q2, reversing 2 quarters of decline

Private home prices rise 1.3% in Q2, reversing 2 quarters of decline

Private home prices in Singapore rose 1.3 per cent in the second quarter, reversing two straight quarters of decline, according to flash estimates released by the Urban Redevelopment Authority (URA) on Monday (Jul 1).

The private residential property index increased 1.9 points from 148.6 points in the first quarter to 150.5 points in the second quarter. This is an increase of 1.3 per cent compared to the 0.7 per cent decrease in the previous quarter.

Prices for non-landed private homes saw increases across all regions.

In the Core Central Region, prices of non-landed private homes increased by 1.5 per cent compared to the 3 per cent decrease in the previous quarter.

Prices in the Rest of Central Region increased by 3 per cent after registering a decrease of 0.7 per cent in the previous quarter, while prices in the Outside Central Region increased by 0.5 per cent following a 0.2 per cent increase in the previous quarter.

In the landed property market, prices rose 0.2 per cent compared to the 1.1 per cent rise in the previous quarter.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up until mid-June.

The statistics will be updated on Jul 26 when URA releases its full set of real estate statistics for the second quarter of the year.

Source: CNA – 1 Jul 2019

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