Singapore Q1 Private Home Prices Retreated
April 25th, 2016
Singapore's private home prices dipped 0.7% in the first quarter of 2016, following a 0.5% retreat in the fourth quarter last year, the latest data released by Urban Redevelopment Authority (URA) today revealed.
Prices of non-landed properties outside the central region slided 1.3% in the first quarter, where prices were unchanged in the previous quarter. Prices of non-landed properties in the core central region edged up 0.3%, recovering from a 0.3% decline in the previous quarter. Prices of non-landed properties in the rest of the central region remained unchanged, after a 0.4 % decline in the fourth quarter of last year. Meanwhile, prices of landed properties declined by 1.1 %, compared to a 1.8 % in the previous quarter.
Rentals of private homes also went down 1.3% during the quarter, the same rate of decline as the previous quarter. The decline in rental prices was across all segments of the private residential market, with rentals of non-landed properties in the core central region, rest of central region and outside of the central region falling 1.7% , 0.6 % and 1.2% respectively in the first quarter of 2016.
Office space prices decreased slightly by 0.3% in the first quarter, following 0.1% retreat in the fourth quarter of last year. Rentals of office space fell by 2.1% in the quarter, compared with a decline of 1.8% in the fourth quarter last year.
Prices for shop spaces also decreased by 1.9% in the first quarter, after a decrease of 0.1% in the previous quarter. Rentals of retail space also decreased by 1.9 % in the first quarter, compared to a decrease of 1.3% in the previous quarter.
