News: Private home prices rise at slower pace

Oct 1, 2018

Price growth in the private residential market slowed to 0.5% compared to the 3.4% increase in Q2 2018.

While private home prices continued to increase in the third quarter of 2018, the hike in prices was slower at 0.5 percent compared to the 3.4 percent increase seen in the previous quarter, revealed latest flash estimates of the Urban Redevelopment Authority’s (URA) price index.

In the Core Central Region (CCR), prices of non-landed homes rose 1.2 percent compared to the 0.9 percent increase registered in Q2.

More: 88% Of Singaporeans Unhappy Over High Property Prices: PropertyGuru

Prices of private homes in the Rest of Central Region (RCR) fell by 0.8 percent, after posting a 5.6 percent increase during the previous quarter.

Prices in the Outside Central Region (OCR) rose by 0.1 percent, after climbing 3.0 percent in Q2.

URA noted that the flash estimates “are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-September”.

The data will be updated on 26 October when it releases the full real estate statistics for the period under review.

“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,” it added.

With this, it advises the public “to interpret the flash estimates with caution”.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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