Private home prices in Singapore rose for the third consecutive quarter in 2019, as the Urban Redevelopment Authority’s (URA) flash estimate for the fourth quarter of 2019 shows that its overall price index for private homes rose 0.3 per cent over the prior quarter.
For 2019 as a whole, prices are up 2.5 per cent, versus the 7.9 per cent rise seen in 2018, according to the URA flash data released on Thursday morning.
In the third quarter of 2019, the overall price index for private homes was up 1.3 per cent.
In the fourth quarter of last year, the prices of landed property rose 4 per cent, after rising 1 per cent in Q3 2019.
Meanwhile, price increases of non-landed private homes varied by region in the fourth quarter. Prices of non-landed private residential properties in the core central region (CCR) fell by 3.7 per cent, versus a 2 per cent increase in the previous quarter.
In the rest of central region (RCR), prices fell by 1.4 per cent, after chalking up a gain of 1.3 per cent in the previous quarter.
Meanwhile, prices in outside central region (OCR) bucked the trend by going up 2.9 per cent, compared to a 0.8 per cent increase in the preceding quarter.
For 2019 as a whole, prices in CCR fell by 2.6 per cent, while prices in RCR and OCR went up by 2.7 per cent and 4.3 per cent respectively.
URA’s flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-December. The statistics will be updated on Jan 23 when URA releases its full set of real estate statistics for the fourth quarter of 2019.
“Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution,” said URA.