The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 4th Quarter 2015 today.
Overall, the private residential property index fell 0.7 points from 142.3 points in 3rd Quarter 2015 to 141.6 points in 4th Quarter 2015. This represents a decline of 0.5%, compared with the 1.3% decline in the previous quarter (see Annex A [PDF, 164kb] and Annex B [PDF, 13kb]). For the whole of 2015, prices have fallen by 3.7%, compared with the 4.0% fall in 2014.
Prices of non-landed private residential properties declined by 0.4% in Core Central Region (CCR), compared with the 1.2% decline in the previous quarter. Prices in Rest of Central Region (RCR) and Outside Central Region (OCR) remained unchanged, compared with the 1.6% decline in each segment in the previous quarter (see Annex C [PDF, 13kb]). For the whole of 2015, prices in CCR, RCR and OCR have fallen by 2.6%, 3.9% and 3.7% respectively. Prices of landed properties fell 2.1%, compared to the 0.4% decline in the previous quarter. For the whole of 2015, 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 survey data on new units sold by developers during the first ten weeks of the quarter. The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 4th Quarter 2015, which captures more data from the stamp duty records and the take-up of new projects. 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.
Published Date: 04 Jan 2016
Source: URA