Singapore private home prices fell 0.4 pct in Q2

Private residential property price in Singapore fell 0.4 percent in the second quarter, compared with the 0.7 percent decline in the previous quarter, according to the flash estimates released by the Urban Redevelopment Authority (URA) on Friday.

Prices of landed properties declined by 1.5 percent, compared to the 1.1 percent decline in the previous quarter. Prices of non-landed properties decreased by 0.1 percent, compared to the 0.6 percent decline in the previous quarter.

Prices of non-landed properties outside the central region decreased by 0.5 percent, while prices of non-landed properties in the rest of central region and in core central region rose by 0.2 percent and 0.3 percent, respectively.

Rentals of private residential properties fell 0.6 percent, compared with the 1.3 percent decline in the previous quarter.

For office spaces, prices decreased by 1.5 percent in second quarter of 2016, while rentals of office space fell by 3.5 percent.

Prices of retail space also decreased by 3.1 percent, and rentals of retail space decreased by 3.9 percent in second quarter, said URA.

The homes developed by private developers in Singapore are typically more expensive. It is a market separate from the public housing market, where the housing units are built by the government and sold to resident households with the principle of one unit for each household.

About 80 percent of the resident population in Singapore live in public housing units. Endit