Singapore Q2 Property Market Data Dances
July 26th 2015
Singapore’s office space prices climbed 0.3 percent in the second quarter, reversing the decrease of 0.1 percent in the previous quarter, whereas rentals of office fell 2.6 percent in the latest quarter, reversing the gain of 0.6 percent in the first quarter, Singapore’s Urban Redevelopment Authority (URA)’s latest real estate statistics release reveals.
Prices of private residential properties dipped 0.9 percent in the second quarter this year, continue seven straight quarters of price decline, while compared to the 1 percent decline in the previous quarter.
Price decline was observed across all segments of the private residential property market. Prices of non-landed properties fell 0.6 percent in Core Central Region (CCR), more than the 0.4 percent decline in the previous quarter. Prices in the Rest of Central Region (RCR) declined by 0.6 percent, compared to the 1.7 percent decline as in the previous quarter. In Outside Central Region (OCR), prices declined by 1.1 percent, the same as in the previous quarter. Prices of landed properties declined by 1 percent, more than the 0.9 percent decline in the previous quarter, URA lastest quarterly data uncovers.
Rentals of private residential properties fell 1.1 percent in 2nd Quarter 2015, compared to the 1.7 percent decline in the previous quarter. The rental decline was observed across all segments of the private residential property market. Rentals of non-landed properties fell 1.3 percent in Core Central Region (CCR), 1.1 percent in Rest of Central Region (RCR) and 1.0 percent in Outside Central Region (OCR), compared to the declines of 1.9 percent, 1.6 percent and 1.8 percent respectively in the previous quarter. Rentals of landed properties declined by 1.0 percent, compared to the 1.2 percent decline in the previous quarter.
