Prices of private residential properties declined at a faster pace in the third quarter, falling by 1.5 per cent compared to a 0.4 per cent fall in the previous three months.
According to data released by the Urban Redevelopment Authority (URA) on Friday (Oct 28), prices of landed properties declined by 2.7 per cent, compared to the 1.5 per cent decline in the previous quarter. Prices of non-landed properties decreased by 1.2 per cent, compared to the 0.1 cent decline in the previous quarter.
In the non-landed property sector, homes in the Core Central Region (CCR) led the decline, with prices falling by 1.9 per cent, reversing from the 0.3 per cent increase in the previous quarter.
Prices of non-landed properties in the Rest of Central Region (RCR) and Outside Central Region (OCR) both decreased by 1 per cent, compared to the 0.2 per cent increase in RCR and 0.5 per cent decrease in OCR in the previous quarter.
Rentals of private residential properties fell 1.2 per cent, compared to the 0.6 per cent decline in the previous quarter, according to the data.
Property sales also declined. Developers launched 1,609 uncompleted private residential units (excluding executive condominiums) for sale in the third quarter, compared to 2,371 units in the previous quarter.
The developers sold 1,981 private residential units compared to the 2,256 units sold in the previous three months, URA figures showed.
Source : Channel NewsAsia – 28 Oct 2016