Private home prices rise 0.9% in Q3; second consecutive quarter of increase: URA flash data

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Source: https://www.straitstimes.com/business/property/private-home-prices-rise-09-in-q3-ura-flash-data

Midtown Bay

SINGAPORE – In spite of Singapore’s financial downturn as well as facing downside threats, private residence costs increased for the 2nd successive quarter, with a minimum of one analyst claiming this might prompt the Government to react with more cooling steps.

Urban Redevelopment Authority’s (URA) latest updates shows that the overall private property price index increased 0.9%, as compared to last quarter. This is similar to Q2 2019, when there is an increase of 1.5%.

Year on year, the index is up 1.7 percent, according to the URA latest information released on Tuesday early morning (Oct 1).

After last quarter increase of 2% for non-landed private property, URA latest update shows that the Q3 non-landed private property increase by 1.7% quarter-to-quarter. Costs of landed houses, in contrast, fell 2.2 percent in the 3rd quarter, after dipping 0.1 percent in the previous quarter.

URA disclosed that non-landed private property in the core central region (CCR) had increased by 2.9% quater-on-quarter.

Costs in the edge areas or rest of main region (RCR) climbed up 1.6 percent, after publishing a rise of 3.5 percent in the previous quarter. In the suburban areas or outside central area, rates rose 0.7 per cent, complying with the 0.4 percent increase in the previous quarter.

URA’s flash price quotes are put together based on transaction rates given up contracts sent for stamp obligation repayment and also information on systems marketed by programmers up till mid-September. The stats will certainly be upgraded on Oct 25 when URA launches its full set of real estate stats for the 3rd quarter of 2019

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