Private home prices down for 15th straight quarter; pace of decline eases

SINGAPORE: Private home prices in Singapore fell for the 15th straight quarter in the April to June period, although the pace of decline eased, according to data released by the Urban Redevelopment Authority (URA) on Friday (Jul 28).

Prices fell by 0.1 per cent quarter-on-quarter, compared with the 0.4 per cent decline in the first quarter and the 0.5 per cent decline in the last quarter of 2016.

Prices of landed properties declined by 0.3 per cent in the second quarter, easing from the 1.8 per cent decrease in the previous quarter. Prices of non-landed properties declined 0.1 per cent, after remaining unchanged in the previous quarter, according to URA.
Prices of non-landed properties in the Core Central Region (CCR) decreased by 0.5 per cent, compared with the 0.4 per cent drop in the previous quarter. Prices of non-landed properties in the Rest of Central Region (RCR) and Outside Central Region (OCR), on the other hand, increased by 0.6 per cent and 0.3 per cent, respectively, compared with the 0.3 per cent and 0.1 per cent increases in the previous quarter.

RENTALS FALL FURTHER

Rentals of private residential properties also fell 0.2 per cent, after declining 0.9 per cent in the previous quarter, URA said.

Rentals of landed properties fell 0.1 per cent, compared with the 2.3 per cent decline in the previous quarter. Rentals of non-landed properties decreased by 0.2 per cent, compared with the 0.7 decline in the previous quarter.
Rentals of non-landed properties in CCR and RCR decreased by 0.1 per cent and 0.4 per cent respectively, compared with the 0.7 per cent and 1.2 per cent decrease in the previous quarter. Rentals in OCR also fell 0.6 per cent, compared with the 0.4 per cent decrease in the previous quarter.

LAUNCHES AND TAKE-UP

Developers launched 2,011 private homes – excluding executive condominiums (ECs) – during the second quarter, compared with 1,949 units in the previous quarter. A total of 3,077 homes were sold, compared with the 2,962 units sold in the previous quarter.
Developers did not launch any ECs in the second quarter but sold 954 EC units over the period, compared with the 1,024 units launched and 1,072 units sold in the previous quarter.

There were 3,698 resale transactions, compared with 2,170 in the previous quarter. Resale transactions accounted for 53.6 per cent of all sale transactions in the quarter, compared with 41.7 per cent in the previous quarter.

There were 35,423 uncompleted private homes – excluding ECs – in the pipeline, compared with 36,942 in the previous quarter. Taking into account ECs, there were a total of 43,202 units in the pipeline. In total, 17,827 units units were unsold as of the end of the second quarter.

Source: http://www.channelnewsasia.com/news/singapore/private-home-prices-down-for-15th-straight-quarter-pace-of-9071814

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