Chart of the Day: Private home prices inched up 2.8% in 2012

It's lower than the 5.9% increase in 2011.

The URA released the flash estimate of the price index for private residential property for 4th Quarter 2012.

According to URA, the overall private residential property index rose from 208.2 points in 3rd Quarter 2012 to 211.9 points in 4th Quarter 2012. This represents an increase of 1.8%, compared to the 0.6% increase in the previous quarter.

For the year 2012 as a whole, prices of private residential properties increased by about 2.8% (based on preliminary 4Q2012 flash estimate), lower than the 5.9% increase in 2011.

Prices of non-landed private residential properties increased by 0.8% in Core Central Region in 4th Quarter 2012, compared to an increase of 0.1% in the previous quarter. Prices in Rest of Central Region increased by 0.9%, compared to the 0.8% increase in the previous quarter.

For Outside Central Region, prices increased by 3.4% in 4th Quarter 2012, compared to an increase of 1.0% in the previous quarter.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold by developers.

The statistics will be updated 4 weeks later when URA releases the full 4th Quarter 2012 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured.

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.

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