Singapore residential property prices fall 3.0 pct in 2016 : URA
The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 4th Quarter 2016.
Overall, the private residential property index fell 0.6 point from 137.9 points in 3rd Quarter 2016 to 137.3 points in 4th Quarter 2016. This represents a decline of 0.4%, compared with the 1.5% decline in the previous quarter. For the whole of 2016, prices have fallen by 3.0%, compared with the 3.7% decline in 2015.
Prices of non-landed private residential properties remained unchanged in Core Central Region (CCR), compared to the 1.9% decline in the previous quarter. Prices in the Rest of Central Region (RCR) declined by 2.0%, after registering a decrease of 1.0% in the previous quarter. Prices in Outside Central Region (OCR) declined by 0.3%, after registering a 1.0% decline in the previous quarter. For the whole of 2016, prices in CCR, RCR and OCR have fallen by declined by 1.3%, 2.8% and 3.1% respectively.
Prices of landed properties increased by 0.9% in 4th Quarter 2016, compared to the 2.7% decline in the previous quarter. For the whole of 2016, prices of landed properties fell by 4.4%.
The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment, and data on units sold by developers (both licensed and de-licensed) up till mid-December 2016. The statistics will be updated when URA releases the full real estate statistics for 4th Quarter 2016 on Thursday, 26 January 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.