Singapore Q3 Residential Property Market Overview
Oct 28, 2016
Overall private residential property prices index in Singapore fell 1.5% in the third quarter from the second quarter, according to data released by the Urban Redevelopment Authority today.
Third quarter's price drop was more than the 0.4 % dip in the second quarter. It was unchanged from flash estimate released by URA earlier this month. Sales of new private homes (excluding ECs) fell 12% in the third quarter to 1,981 units from 2,256 units in the second quarter.
Prices of non-landed homes in the core central region declined by 1.9%, while those in the non-core central and suburbs both fell by 1%. URA said 20,577 units remained unsold as at September 30.
Rentals index of private homes also saw a drop of 1.2% in the July-September period, compared to the 0.6% decline in the previous quarter, URA's data showed.
The steeper price decline in the third quarter was partly due to a tweak in the methodology URA uses to compute its private-property price indices. To enhance market transparency, URA's latest data include for the first time the net sales prices of de-licensed projects - as opposed to gross prices that might have included discounts and rebates.
However so, as the pipeline of supply declined during the quarter, even as the take up rate dropped 12%, the overall vacancy rate actually fell 0.2% point during the quarter.
By Staff Writer, APMR News
Article Published on : October 28, 13:45 pm GMT+800
Article Last Updated : October 18, 17:10 am GMT+800
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