Private home prices dipped 0.6% in Q1

Condo prices fell 2.9% in the Core Central Region.

The private residential property index slipped 0.6% QoQ or 0.9 point from 149.6 points in Q4 2018 to 148.7 points in Q1 2019, according to the Urban Redevelopment Authority’s (URA) flash estimates of the price index for private residential property for Q1 2019.

Prices of private condos dipped 2.9% in Core Central Region (CCR), compared to the 1% decrease seen in the previous quarter. Prices in the Rest of Central Region (RCR) fell 0.2%, after registering a 1.8% increase in the previous quarter, whilst prices in Outside Central Region (OCR) were unchanged, following the 0.7% increase in Q4 2018.

Meanwhile, prices of landed private residential properties dropped 1.1% QoQ.

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-March.

The statistics will be updated on 26 April 2019 when URA releases its full set of real estate statistics for 1st Quarter 2019.