Singapore’s Urban Redevelopment Authority (URA) officially released Thursday the flash price index (based on estimates) of private residential properties for Q3 2009.
According to the URA’s price index for private housing units, prices surged from 133.3 points in Q2 2009 to 154.5 points in Q3 2009, a growth of 15.9 percent compared to the 4.7 percent fall recorded in the period between April and June 2009.
The URA also issued Thursday its flash estimates for the price shifts in three geographical regions for Q3 2009. The prices of non-landed private homes rose by 16.2 percent in Core Central Region, 15.4 percent in Outside Central Region, and 19.1 percent in Rest of Central Region in Q3. In comparison with Q2 prices, non-landed private homes are cheaper by 5.2% in Core Central Region, 2.3 percent cheaper in Outside Central Region, and 4.4 percent cheaper in Rest of Central Region.
The index of flash estimated prices is derived from sales prices recorded from caveats lodged over the first 10 weeks of the period between July and September supplemented by data on the total number of new homes transacted. The stats will then be updated four weeks later once the URA releases its real estate stats for Q3 2009, when more information on the lodged caveats as well as the take-up of newly launched projects is recorded. Past information indicate that there may be substantial divergences between the actual price shifts and the quarterly price shifts as recorded in the flash estimates. It is therefore advised that the public interpret the estimates with utmost caution. The URA will be issuing relevant price-sensitive data in a timely manner so that the public may make well-informed decisions.
On supply, the stats for private residential properties released in April 2009 and are currently in the pipeline will be updated in URA’s Q3 2009 Real Estate Statistics to be officially issued on October 23, 2009.