Private home prices fell 3% in 2016

Romesh NavaratnarajahJanuary 3, 2017

property-supply

Singapore home prices continue to drop.

Private home prices across Singapore fell by three percent in 2016, slightly lower than the 3.7 percent decline in 2015, according to flash estimates of the Urban Redevelopment Authority’s (URA) price index.

Prices in the fourth quarter dropped by 0.4 percent, compared with the 1.5 percent decline in the previous quarter.

In Q4, prices of non-landed private units in the Core Central Region (CCR) remained unchanged, compared to the 1.9 percent decline in the previous three-month period. Prices in the Rest of Central Region (RCR) fell by two percent, after registering a one percent decline in the quarter before. Over in the Outside Central Region (OCR), prices dropped by 0.3 percent, after registering a one percent decline previously.

For the entire year, prices in the CCR, RCR and OCR declined by 1.3 percent, 2.8 percent and 3.1 percent respectively.

Meanwhile, prices of landed properties increased by 0.9 percent in Q4, compared to the 2.7 percent drop in Q3. For the whole of 2016, prices of landed properties fell by 4.4 percent.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment, and data on units sold by developers (licensed and de-licensed) up till mid-December. The full statistics will be released by the URA on 26 January.

Property Price Index for Q3 and Q4 2016

Source: Urban Redevelopment Authority

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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