Private property prices dipped 0.1% in 1Q12

Small as this price decline estimate may be, it will be the first to hit the normally appreciating segment since 2Q09.

Non-landed private residential properties in the Core Central Region took the worst hit, decreasing 0.9% for the quarter, with the Rest of Central Region also sliding 0.7%. Meanwhile, the Outside Central Region was the best gainer in prices, increasing 1.2%.

"The private residential property price index declined marginally from 206.2 points in 4th Quarter 2011 to 206.0 points in 1st Quarter 2012. This represents a decrease of 0.1%, compared to the 0.2% increase in the previous quarter," said the Urban Redevelopment Authority in a release accompanying the flash estimates.

On a per region analysis, prices of non-landed private residential properties decreased by 0.9% in Core Central Region and 0.7% in Rest of Central Region in the quarter. Prices in Outside Central Region however increased by 1.2%, compared to the 0.6% 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 information on the number of new units sold by developers. The statistics will be updated 4 weeks later when URA releases the full 1st Quarter 2012 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured," said URA.

"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," it added.

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