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Prices of Singapore's private residential properties down by 0.9 pct in Q2

Xinhua, July 24, 2015 Adjust font size:

Prices of Singapore's private residential properties decreased by 0.9 percent in the second quarter of 2015 compared to the 1.0 percent decline in the previous quarter, which is the seventh straight quarter of price decline, Singapore's Urban Redevelopment Authority (URA) said on Friday.

Price decline was observed across all segments of the private residential property market, URA said.

Prices of non-landed properties in downtown area and fringe of the city both declined by 0.6 percent, while prices in the suburb fell by 1.1 percent. Prices of landed properties declined by 1 percent, more than the 0.9 percent decrease in the previous quarter.

Rentals of private residential properties fell by 1.1 percent in the second quarter, compared with a 1.7-percent decline in the previous quarter. Rental decline was observed across all segments of the private residential property market.

About 80 percent of the resident population in Singapore live in units built by Housing and Development Board (HDB) and sold to eligible households.

The private residential properties in the city state typically refer to those built by private developers. Transactions involving private residential properties are carried out in a market separate from public housing market. Endi