Private property prices inched up 0.4% in 2Q12

Find out what the Additional Buyer’s Stamp Duty has to do with this increase.

According to Knight Frank, URA quarterly statistics show 0.4 per cent q-o-q increase in overall property price index in 2Q 2012, compared to 0.1 per cent decrease in 1Q 2012. One main factor for the rebound of private residential prices lies in the strong recovery of completed non-landed property prices with an increase of 2.3 per cent, which was partially offset by the 0.9 per cent decline of uncompleted non-landed residential property prices.

The decrease indicates the moderation of the current high prices, with the Additional Buyer’s Stamp Duty (ABSD) taking effect on foreign buyers’ demand coupled with an increased supply of new homes available in the market.

Prices in high-end and mass market segments also increased marginally at 0.6 per cent (Core Central Region) and 0.4 per cent (Outside Central Region) on a quarterlybasis, respectively. There was no change in mid-end home prices in Rest of Central Region.

Based on Knight Frank residential property basket, average prices of high-end and mass market properties in 2Q 2012 reached $ 2,256 psf and $1,539 psf, an increase of 3.4 per cent and 2.7 per cent q-o-q, respectively.

Prices of mid-tier homes fell by 0.8 per cent in 2Q 2012. The price rebound was quite significant when compared to the 4.3 per cent, 0.6 per cent and 0.4 per cent price decreases in high-end, mid-tier and mass market segments in 1Q 2012, respectively.

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