Private home prices down 0.9%

Prices of private residential properties fell 0.9 percent in the second quarter of 2015 after declining 1.0 percent in the previous quarter, revealed flash estimates of the Urban Redevelopment Authority's (URA) price index.

This is the seventh continuous quarter of price decrease.

Prices of non-landed private units declined in all market segments, noted URA.

In the Core Central Region (CCR), prices slid 0.5 percent, higher than the 0.4 percent decline in the quarter before. Prices in the Rest of Central Region (RCR) dipped 0.5 percent, compared to the 1.7 percent decrease in the previous three-month period. In the Outside Central Region (OCR), prices fell 1.2 percent, more than the 1.1 percent drop in Q1.

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 during the first ten weeks of the quarter.

URA will release the full statistics for Q2 which captures more data from the stamp duty records and the take-up of new projects in four weeks time.

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

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