Q3 private home prices rise 0.7%; beats flash estimate, confirms first gain in 4 years

Original article from Business Times published on 27th Oct 2017 by Kalpana Rashiwala 

THE BENCHMARK private residential property price index rose 0.7 per cent in the third quarter of 2017 over the second quarter, slightly faster than the 0.5 per cent increase shown in the flash estimates, according to data released by Singapore’s Urban Redevelopment Authority (URA) on Friday.

In Q2 this year, the index dipped 0.1 per cent quarter on quarter.

The rise in the index for Q3 2017 comes after 15 consecutive quarterly declines since the peak in Q3 2013.

Q3 private home price rose 0.7%
The rise in the index for Q3 2017 comes after 15 consecutive quarterly declines since the peak in Q3 2013. PHOTO: ST FILE

URA said that prices of landed properties rose 1.2 per cent in Q3 2017 after dipping 0.3 per cent in Q2 2017.

Prices of non-landed properties increased 0.6 per cent after dipping 0.1 per cent.

Prices of non-landed properties in the prime areas or Core Central Region (CCR) rose 0.1 per cent compared with the 0.5 per cent drop in the previous quarter.

Prices of non-landed properties in the city fringe or Rest of Central Region (RCR) climbed 0.5 per cent, following a 0.6 per cent increase in the previous quarter.

Prices of non-landed properties in the suburbs or Outside Central Region (OCR) expanded 0.8 per cent, contrasting with a 0.3 per cent fall in the previous quarter.

URA’s rental index for private homes remained unchanged, compared with a 0.2 per cent decline in the previous quarter.

The vacancy rate of completed private homes (excluding executive condos or ECs) rose to 8.4 per cent as at end-Q3 2017 from 8.1 per cent as at end-Q2 2017.

As at end-Q3 2017, there was a total supply of 35,022 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, lower than the 35,423 units at end-Q2 2017.

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