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URA
releases flash 2nd quarter 2003 private residential property
price index
The
Urban Redevelopment Authority (URA) releases today the flash
estimate of the price index of private residential property
for 2nd Quarter 2003.
Based on the estimated price index of private residential
property, prices fell from 114.1 points in the 1st Quarter
2003 to 113.7 points in the 2nd Quarter 2003. This represents
a decline of 0.4%, compared with the 0.9% fall in the previous
quarter.
Private
Residential Property Price Index (4Q98=100)
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The
flash estimate is compiled based on transaction prices given
in caveats lodged during the first ten weeks of the quarter
supplemented by information on the number of new units booked.
The statistics will be updated 4 weeks later in the quarterly
URA publications on real estate statistics when more data
on the caveats lodged and the
take-up of new projects are captured. Past data have shown
that the difference between the quarterly price change indicated
by the flash estimate and the actual price change could be
significant when the change is small. As the estimated change
of -0.4% in the price index is small, the public is advised
to interpret the flash estimate with caution.
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