Singapore Private Residential Property Market Chaptered Apart in Q2
July 22, 2016
Prices of private residential properties in Singapore decreased 0.4% in the latest quarter ended June, after a 0.7% decline in the first quarter, prices fall slowed while vacancy rate picks up, according to the latest data released by the government urban land authority today.
By property type, prices of landed properties declined by 1.5% from the first quarter, faster than the 1.1% decline in the first quarter. Prices of non-landed properties decreased by 0.1%, slower than the 0.6% decline in the first quarter. The overall prices slided 0.4% quarter-on- quarter in the second quarter, after a 0.7% decline in the previous quarter.
By geographic location, prices of non-landed properties in Outside Central Region (OCR) lowered 0.5%, after 1.3% retreat in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) rose by 0.2%, whereas prices of non-landed properties in Core Central Region (CCR) continued to rise by 0.3%, after increasing 0.3% in the first quarter.
Rentals of private residential properties fall slowed down marginally in the second quarter. Overall rental prices retreated 0.6% quarter on quarter in the quarter two, compared to the 1.3% (q-o-q) decline in the first quarter. By property type, rentals of landed properties declined more than the non-landed property, fell by 1.6% in the second quarter. Rentals of non-landed properties decreased by 0.4% during the April to June quarter, less than the 1.2% decline in the first quarter.
By location speaking, rentals in RCR and OCR fell 0.6% and 1.2% respectively, while rental of non-landed property in the CCR climbed 0.1% in the second quarter after declining 1.7% in the first quarter.
During the second quarter, the stock of completed private residential units in Singapore increased by 8,425 units even as occupied units(excluding ECs) also increased by 3,034 units during the same time period. As a result, the vacancy rate of the private residential units increased to 8.9% at the end of the second quarter up from 7.5% of the Q1, reaching ten years celling record of the lion state.
*continue here to read Singapore Q2 overview on commercial property market
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