Prices of non-landed private homes in RCR slipped 1.1%

First decrease since 1Q12.

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 3rd Quarter 2013 today.

Prices in Rest of Central Region decreased for the first time since 1st Quarter 2012, by 1.1%, compared with the 0.2% increase in the previous quarter. In Outside Central Region, prices increased by 2.1% in 3rd Quarter 2013, which is lower than the 3.8% increase 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 survey data on new units sold by developers in the first two months of the quarter.

The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 3rd Quarter 2013, which captures more data on the caveats lodged 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.

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