Private home prices up 0.3% in Q4 2019 and 2.5% overall in 2019

Victor KangJanuary 2, 2020

Luxury apartments in Singapore

In Q3 2019, the overall price index for private homes rose by 1.3%.

Singapore’s private home prices grew for the third straight quarter in 2019, as the Urban Redevelopment Authority’s (URA) flash estimate for Q4 2019 revealed a 0.3% growth over the previous quarter.

Overall in 2019, the same estimate showed prices increased by 2.5% compared to the 7.9% rise in 2018, reported The Business Times.

For the third quarter of 2019, the overall price index for private homes rose by 1.3%. On the other hand, the prices of landed property increased by 4% in the fourth quarter of 2018, after growing by 1% in the third quarter of 2019.

Price increases varied in different regions

Prices for non-landed private residential properties in Q4 2019 were different for each region in Singapore; prices in the Core Central Region (CCR) dropped 3.7%, compared to a 2% growth in the previous quarter.

For the Rest of Central Region (RCR), prices dropped 1.4%, after posting a 1.3% growth in the previous quarter. Meanwhile, prices in Outside Central Region (OCR) grew 2.9%, as compared to a 0.8% increase in the previous quarter.

Overall in 2019, prices in OCR and RCR grew 4.3% and 2.7% respectively while those in CCR dropped by 2.6%.

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“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,” said URA.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

 

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