Prices of private residential properties in Singapore rise for first time in four years

For the first time in nearly four years, prices of private residential properties in Singapore have gone up by 0.7 per cent in the third quarter, revealed the latest statistics from the Urban Development Authority (UDA) released today.

However, there was a decline of 0.1 per cent in the previous quarter between April and June.

Releasing the figures, UDA said, “Prices of landed properties rose by 1.2 per cent, compared with the 0.3 per cent decrease in the previous quarter. Prices of non-landed properties rose by 0.6 per cent, compared with a decline of 0.1 per cent in the previous quarter.

prices of private residential properties in Singapore have gone up by 0.7 per cent in the third quarter
Prices of private residential properties in Singapore have gone up by 0.7 per cent in the third quarter of this year. Photo courtesy: STB

Notably, prices of private property in Singapore have declined for 15 straight quarters since 2013, when new major property cooling measures were announced. Those measures saw the introduction of rules to restrict home buyers’ monthly debt payments, and came after a series of property curbs imposed since 2009 to rein in the market.

While releasing the data for area wise breakup of the prices of non-landed properties, UDA said, “Prices of non-landed properties in Core Central Region (CCR) or city centre, increased by 0.1 per cent, compared with the 0.5 per cent decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 0.5 per cent, compared with the 0.6 per cent increase in the previous quarter.  Prices of non-landed properties in Outside Central Region (OCR) increased by 0.8 per cent, compared with a decrease of 0.3 per cent in the previous quarter.”

The resale market made up the bulk of property transactions in the third quarter at 59 per cent compared with 53.6 per cent in the previous quarter. In all, 3,949 resale homes were sold between July and September, up from 3,698 units between April and June, showed UDA data.

The data also showed that developers sold 2,663 private homes, excluding executive condominiums (ECs), in the third quarter, compared with the 3,077 units sold in the April to June period.

An estimated 6,006 units, including ECs, will be completed in the fourth quarter of 2017. Next year, another 11,519 units, including ECs, is expected to be completed, URA said.

URA said, “As en bloc sales of existing sites have been very active over the past 1 to 2 years, the redevelopment of these en-bloc sites will add a significant number of housing units to the existing supply pipeline.”