Singapore’s Urban Redevelopment Authority (URA) released the private residential property price index results for 1st Quarter 2017.
Overall, the private residential property index fell 0.7 point from 137.2 points in 4th Quarter 2016 to 136.5 points in 1st Quarter 2017. This represents a decline of 0.5%, the same rate as the 0.5% decline in the previous quarter .
Prices of non-landed private residential properties fell by 0.2% in Core Central Region (CCR), compared to the 0.1% increase in the previous quarter. Prices in the Rest of Central Region (RCR) remained unchanged, after registering a decrease of 2.0% in the previous quarter. Prices in Outside Central Region (OCR) increased by 0.1%, after registering a 0.6% decline in the previous quarter. Meanwhile, prices of landed residential properties fell by 2.8%, compared to the 0.8% increase in the previous quarter.
The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-Mar 2017. The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 1st Quarter 2017. 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.