Singapore private residential property prices fall 3.1 pct in 2016

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The Urban Redevelopment Authority (URA) in Singapore has released the real estate statistics for 4th Quarter 2016.According to the report, prices of private residential properties decreased by 0.5% in 4th Quarter 2016, compared with the 1.5% decline in the previous quarter. For the whole of 2016, prices fell 3.1%, compared with the 3.7% decline in 2015.

Prices of landed properties rose by 0.8%, compared with the 2.7% decline in the previous quarter. Prices of non-landed properties decreased by 0.8%, compared with the 1.2% decline in the previous quarter. For the whole of 2016, prices of landed properties decreased by 4.5% while prices of non-landed properties fell by 2.6%.

Rentals of landed properties fell 3.2%, after remaining unchanged in the previous quarter. Rentals of non-landed properties decreased by 0.7%, compared with the 1.4% decline in the previous quarter. For the whole of 2016, rentals of landed and non-landed private residential properties fell by 6.9% and 3.6% respectively.

Developers launched 2,944 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2016, compared with 1,609 units in the previous quarter. For the whole of 2016, developers launched 7,877 units, compared with 7,056 units in 2015.

Source: URA

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