Private residential prices slipped for the 7th consecutive quarter in Q2

Rents also continued to soften.

The Urban Redevelopment Authority today revealed that prices of private residential properties declined by 0.9% in the second quarter, compared to the 1% in the previous quarter.

This marks the seventh straight quarter of price decline. Prices fell across all segments, with the Outside Central Region (OCR) registering the steepest decline with a 1.1% price contraction.

Prices of homes in the Rest of Central Region (RCR) and the Core Central Region (CCR) both fell by 0.6%.

Rentals of private residential properties fell 1.1% during the quarter, with rents falling across all segments.Rentals of non-landed properties fell 1.3% in the CCR, 1.1% in the RCR, and 1% in the OCR.

Outside Central Region (OCR), compared to the declines of 1.9%, 1.6% and 1.8% respectively in the previous quarter