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Singapore private home prices decline 1.1 pct in Q1

Xinhua, April 1, 2015 Adjust font size:

Prices of private residential property in Singapore fell by 1.1 percent in the first quarter of 2015, according to flash estimates using improved methodology released by the Urban Redevelopment Authority (URA) Wednesday.

The estimated 1.1 percent decline marked the sixth continuous quarter of price decrease since the record hit high in September 2013.

Prices of non-landed private residential properties declined in all market segments as they did in the previous quarter.

Prices of apartments in downtown area dropped by 0.6 percent, lower than the 0.9 percent decline in the previous quarter. For the region of the city fringe, the private home prices fell 1.8 percent, following the 1.3 percent decline in the previous quarter. Prices of apartments in the suburbs fell 0.9 percent, almost the same as the 0.8 percent decline in the previous quarter.

Landed home prices also slid 1.1 percent, compared with a 1.3 percent decrease in the previous quarter.

URA's latest flash estimates were the first to adopt its new methodology, which takes into account the size and age of units to better reflect the diverse market.

The flash estimates are compiled based on transaction prices given in caveats lodged and survey data on new units sold by developers during the first ten weeks of the quarter.

The statistics will be updated four weeks later, when the full real estate statistics for the quarter are released by the URA. Endi