Monday, April 02, 2012

Prices of Private Residential Properties Register Marginal Decline in 1st Quarter 2012

2 April 2012
Prices of Private Residential Properties Register Marginal Decline in 1st Quarter 2012

URA's flash estimate of the private residential property price index for 1st Quarter 2012 indicates that overall private residential property prices have declined from the quarter before. This is the first price decline since 2nd Quarter 2009 and follows the trend of stabilising prices over the past 9 consecutive quarters.

The private residential property price index declined marginally from 206.2 points in 4th Quarter 2011 to 206.0 points in 1st Quarter 2012. This represents a decrease of 0.1%, compared to the 0.2% increase in the previous quarter (see Annex A).



Prices of non-landed private residential properties decreased by 0.9% in Core Central Region and 0.7% in Rest of Central Region in the quarter.  Prices in Outside Central Region however increased by 1.2%, compared to the 0.6% increase in the previous quarter (see Annex B).

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold by developers. The statistics will be updated 4 weeks later when URA releases the full 1st Quarter 2012 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.

View the original article here

Source From URA

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