Private property prices hit new high in Q4 2010

Prices of private residential properties hit a new high in the fourth quarter of 2010. This is according to the latest flash estimates from the Urban Redevelopment Authority (URA).

The price index for private residential property rose 2.7 per cent to 194.8 points. This compares with 2.9 per cent in the previous quarter.

For the full year, the price index increased by 17.6 per cent in 2010.

For the fourth quarter, non-landed residential properties in the prime city area, or core central region, led the price increase at 2.3 per cent.

The city fringe areas, or rest of central region, posted a 1.7 per cent increase during the quarter. And suburban areas, or outside central region, showed an increase of 1.6 per cent in the same period.

In comparison, for the 3rd quarter of 2010, prices of non-landed private residential properties increased by 1.6 per cent in the core central region, 2.3 per cent in the rest of central region and 2.2 per cent in the outside central region.

For the full year, prices increased 14.3 per cent, 17.5 per cent and 14.5 per cent in the core central region, rest of central region and outside central region respectively.

Source : Channel NewsAsia – 3 Jan 2011

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