Private residential prices fall by 0.5% in 4Q: URA

Prices are down 3.7% for 2015.

The decline in prices for private residential properties has slowed down in the fourth quarter of 2015 compared to the 1.3% decline in 3Q, according to flash estimates by the Urban Redevelopment Authority (URA).

The URA said the price decline in the Core Central Region (CCR), Rest of Central Region (RCR), and the Outside Central Region (OCR) declined by 2.5%, 4.3%, and 3.7% respectively for 2015.

They added that prices of landed properties also declined by 1.8%, dropping faster than the 0.4% decline in the previous quarter.

“For the whole of 2015, prices of landed properties declined by 4.1%. Rentals of private residential properties fell 1.3% in 4th Quarter 2015, compared to the 0.6% decline in the previous quarter. For the whole of 2015, rentals of private residential properties fell by 4.6%,” the URA said.

Meanwhile, rental declines was also observed across all segments of the private residential property market, URA said.

“Rentals of non-landed properties fell 0.4% in CCR, 1.6% in RCR and 1.8% in OCR, compared to the declines of 0.4%, 0.8% and 1.1% respectively in the previous quarter,” URA said.

“For the whole of 2015, rentals of non-landed properties in CCR, RCR and OCR declined by 3.8%, 4.9% and 5.6% respectively. Rentals of landed properties declined by 2.3%, compared with the 0.1% decline in the previous quarter. For the whole of 2015, rentals of landed properties fell by 4.5%,” they added.