SINGAPORE: Private home prices in Singapore continued their decline in the first quarter of this year – the 14th straight quarter of contraction, according to flash estimates released by the Urban Redevelopment Authority (URA) on Monday (Apr 3).
The private residential property index fell to 136.5 points in the first quarter, down 0.7 point from the previous quarter. This represents a decline of 0.5 per cent, the same rate as the 0.5 per cent decline in the fourth quarter of last year.
Prices of non-landed private residential properties fell by 0.2 per cent in the Core Central Region (CCR), compared with the 0.1 per cent increase in the previous quarter. Prices in the Rest of Central Region (RCR) remained unchanged, after declining 2 per cent in the previous quarter. Prices in the Outside Central Region (OCR) rose 0.1 per cent, after registering a 0.6 per cent decline in the previous quarter.
Prices of landed homes fell by 2.8 per cent, compared to the 0.8 per cent increase in the fourth quarter of last year.
The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and survey data on new units sold by developers up until mid-March. The statistics will be updated four weeks later when URA releases the full real estate statistics for the quarter, which captures more data from the stamp duty records and the take-up of new projects.
"Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution," the URA said.