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Q3 private home sales fall 12.2% as prices dip 1.5%
Only 1,981 private residential units were sold in 3Q16.
Overall home sales in Singapore dropped in 3Q16, with only 1,981 private residential units sold compared to 2,256 units sold in the previous quarter.
According to the latest figures by the Urban Redevelopment Authority, this came after developers launched 1,609 uncompleted private residential units (excluding ECs) in the said quarter, compared to 2,371 units in the preceding period.
Meanwhile, prices of private residential properties decreased by 1.5% in 3rd quarter 2016, compared to the 0.4% decline in the previous quarter.
"Prices of landed properties declined by 2.7%, compared to the 1.5% decline in the previous quarter. Prices of non-landed properties decreased by 1.2%, compared to the 0.1% decline in the previous quarter," URA noted.
The firm explained that prices of non-landed properties in Core Central Region decreased by 1.9%, compared to the 0.3% increase in the previous quarter. On the other hand, prices of non-landed properties in Rest of Central Region and Outside Central Region both decreased by 1.0%, compared with the 0.2% increase in RCR and 0.5% decrease in OCR in the previous quarter.
URA also noted that rentals of private residential properties fell 1.2%, compared to the 0.6% decline in the previous quarter.
"Rentals of landed properties remained unchanged, compared to the 1.6% decline in the previous quarter. Rentals of non-landed properties decreased by 1.4%, compared to the 0.4% decline in the previous quarter," the institution stresed.
More so, rentals of non-landed properties decreased by 1.4% in CCR, compared to the 0.1% increase in the previous quarter. Rentals in RCR fell 0.6%, the same rate as the previous quarter while rentals in OCR fell by 2.4%, compared to the 1.2% decrease in the previous quarter
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