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Private Home Prices On Downward Trend For 11 Consecutive Quarters

Fizah Hatman
Updated

This article was originally on GET.com at: Private Home Prices On Downward Trend For 11 Consecutive Quarters

Prices of private homes in Singapore have fallen 11 quarters in a row, based on flash estimates released this morning by the Urban Redevelopment Authority (URA).

The overall decrease of 0.4% in the second quarter for 2016 (2Q16) was led by a 1.3% decline in landed property prices, and 0.7% drop in prices for non-landed private properties located in the Outside Central Region (OCR).

Prices of non-landed private residential properties in the Core Central Region (CCR) rose by 0.2% in 2Q16. This region includes areas in Districts 9, 10 and 11, Sentosa and Downtown Core Planning Area.

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Prices of non-landed private homes in the Rest of Central Region (RCR) which include areas like Queenstown, Bishan, Geylang and Toa Payoh saw a rise of 0.3%.

The local private residential prices have posed the longest period of decline in almost two decades. Market sentiments on the overall residential property market outlook is expected to remain weak, given the existing property cooling measures and uncertain economic outlook.

More details on the housing data for 2Q16 will be updated by URA 4 weeks later.

Keen To Find A Property?

This might be a good time to look for a property given that prices are expected to stay low. The increase in supply of private homes in the suburbs could also drive prices lower in these areas.

Have you been looking for a home loan that suits you? It pays to use a home loan comparison site like GET.com to help you compare DBS home loans, UOB home loans or OCBC home loans, amongst a total of 14 financial institutions in Singapore in just seconds.

Or if you've been considering to refinance your home loan, then you should check out these 4 things you can consider when comparing home loans.

What do you think? Share your comments with us below!

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