Private property prices down for 12th quarter in Q3: URA

[chahlley]

(Business Today Friday 28 October 2016)

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Updated: 9:53 AM, October 28, 2016

SINGAPORE — The prices of private residential properties fell 1.5 per cent in the third quarter (Q3) of this year, a steeper decline than that of last quarter's 0.4 percent, said the Urban Redevelopment Authority in its release of its real estate statistics on Friday (Oct 28).

This is also the 12th consecutive decline in private property prices since Q3 of 2013. The rental market also continues to be weak, with rental of private residential properties falling 1.2 per cent in Q3, compared to the 0.6 per cent decline in the previous quarter.

Meanwhile, prices of landed properties slid 2.7 per cent in Q3, compared to a 1.5 per cent decline in the previous quarter. Non-landed property prices decreased by 1.2 per cent, compared to the 0.1 per cent decline in the previous quarter.

The URA also said that in Q3, developers launched 1,609 uncompleted private residential units excluding Executive Condominiums (ECs), a drop from the previous quarter’s figure of 2,371.

In turn, developers sold 1,981 private residential units (excluding ECs) in Q3, compared with 2,256 units sold in the previous quarter.

For ECs, developers launched 862 units for sale in Q3, and sold 1,398 units over the same period, a drop compared to the 1,260 EC units launched and 1,105 units sold in the previous quarter.

Rentals of landed properties remained unchanged, compared to a 1.6 per cent decline in the previous quarter, while rentals of non-landed properties decreased by 1.4 per cent, compared to the 0.4 per cent decline in the previous quarter.

Resale transactions went up this quarter, at 2,477 units transacted compared to Q2’s 2,140. This accounted for 53.9 per cent of all sale transactions in 3rd quarter 2016, compared to 47.0 per cent in the previous quarter. Share