Private home prices down 0.7% in Q1

Prices of private residential properties in Singapore fell by 0.7 percent in the first quarter of 2016, compared to the 0.5 percent decrease in the preceding quarter, according to entire data released by the Urban Redevelopment Authority (URA) on Friday, 22 April.

In the Outside Central Region (OCR), costs fell by 1.3 percent after remaining unchanged in the previous quarter. Costs of non-landed properties in the Rest of Central Region (RCR) remained unchanged, when compared with the previous 0.4 percent drop. Costs of non-landed properties in the Core Central Region (CCR) grew by 0.3 percent, compared to the previous 0.3 percent decrease. Costs of landed properties fell by 1.1 percent, compared to the 1.8 percent decline in the previous quarter.

Leases of private residential properties dropped by 1.3 percent in Q1 2016, the same rate of decline as in the preceding quarter.

Rental costs fell across all segments of the marketplace. Meanwhile, leases of landed properties declined by 2.2 percent, compared with the 2.3 percent decline in the preceding quarter.

Excluding executive condominiums (ECs), developers launched 953 uncompleted private condos for sale in Q1, in comparison to the 1,333 units in the previous quarter. As for ECs, developers launched 534 units for sale, compared to the 505 units launched formerly.

Meanwhile, developers sold a total of 1,419 units, excluding ECs, in Q1, compared to the 1,603 units sold in the preceding quarter. As for ECs, they sold 762 units over the exact same interval, compared to 573 in the preceding three-month period.

Lewis Ng, Managing Director, PropertyGuru Singapore, said:

This signifies that Singaporeans are still significantly interested in the property market, doing their research and viewing properties. Many consumers are only biding their time for prices to drop sufficiently, and investigating their options thoroughly before purchasing a home.” Especially the upcoming new launch condo, Parc Riviera

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