Private home prices up 1.9% in Q2

Private home prices in the second quarter rose at a slower pace than the previous quarter indicating that the red-hot property market might be cooling down.

This is according to the latest flash estimates from the Urban Redevelopment Authority (URA).

The price index rose 1.9 per cent to 202.8 points, compared with the 2.2 per cent increase in the previous quarter.

URA said the rate of price increase has moderated for seven consecutive quarters, since the fourth quarter of 2009.

For the second quarter of this year, non-landed residential properties in the prime city area, or core central region, increased by 1.6 per cent.

The city fringe areas, or rest of central region, posted a 1.2 per cent increase.

And suburban areas, or outside central region, also showed an increase of 1.6 per cent.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold.

Source : Channel NewsAsia – 1 Jul 2011

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