Private home price index slows to 0.5% in Q3: URA | Singapore Business Review
,Singapore

Private home price index slows to 0.5% in Q3: URA

This comes from a 3.4% growth the previous quarter.

The private residential property price index extended its steep downtrend after falling to 0.5% in Q3, according to flash estimates from the Urban Redevelopment Authority (URA). The index has steadily fallen from 3.9% in Q1 to 3.4% in Q2.

The pace of growth represents an increase of a mere 0.7 points to 149.7 in Q3, pointing to an evident slowdown as the impact of the government’s cooling measures in July appear to be making itself known.

Also read: Will en bloc fever grind to a halt in H2 as Horizon tower takes hit?

“With the cooling measures in place, it is unlikely that private residential prices will continue to increase at the existing pace. Sales are likely to be slower as more buyers, especially those buying a second home to invest, are likely to wait on the sidelines," Dr Lee Nai Jia, senior director & head, research, Knight Frank Singapore said in a statement.

In a breakdown, the prices of non-landed private residential properties in Core Central Region (CCR) picked up marginally from 0.9% in Q2 to 1.2% in Q3. However, prices in the Rest of Central Region (RCR) fell from 5.6% in Q2 to 0.8% in Q3 along with prices in Outside Central Region (OCR) which fell from 3% to 0.1% over the same period.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-September.

Get Singapore Business Review in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

All of its key businesses were profitable in the first six months of the year.
Singtel, Keppel Corp, and OCBC Bank led the Straits Times Index on 29 July.
There seems to be a trend amongst workers looking to switch employers.
Total property income decreased by 4% but was offset by the decline in expenses. 
This is under the Special Situation Fund for Startups investment scheme. 
Called Project Nexus, the blueprint outlines how countries can integrate their retail payment systems onto a single cross-border network.
It plans to expand in the coming months, on the back of China’s economic recovery.
Funds will be used to modernise its portfolio.
Local financial firms are expected to remain resilient even should the economy slip into a recession again.
The Mapletree group of companies led the index on 28 July.