Private home prices moderate to 0.5% growth in Q3

Private condo prices in the CCR rose 1.3%.

Private residential property prices inched up by a mere 0.5% in Q3 cooling down from a price hike of 3.4% in Q2, the Urban Redevelopment Authority (URA) revealed.

Prices of private residential properties increased by 0.5% in 3rd Quarter 2018, compared with the 3.4% increase in the previous quarter.

Landed home prices increase in Q3 cooled down to 2.3% from a 4.1%hike in Q2. Meanwhile, private condo prices remained stable, compared to the 3.2% increase in Q2.

According to URA, private condo prices in the core central region (CCR) inched up 1.3% in Q3. Meanwhile, condo prices in the rest of the central region (RC) and outside the central region (OCR) dipped by 1.3% and 0.1%, respectively.

Rental growth for private homes also eased down to 0.3% from its 1% growth in Q2, URA noted. Landed home rentals rose 0.5% whilst condo rents inched up 0.3%.

Private condo rentals in the CCR dipped 0.9% whilst RCR rentals grew 1.5% in Q3.

According to URA, a total of 3,754 uncompleted private condo units excluding executive condominiums (ECs) were launched for sales in Q3, up 54.04% from 2,437 units launched in Q2.

In Q3 developers’ sales jumped 27.3% QoQ to 3,012 private homes from 2,366 units sold in Q2.

URA noted that no EC units for launched for sale back in Q3. However, the quarter saw 84 EC units sold from previous launches.