Private residential prices fall 0.7% QoQ in Q3, reversing Q2 gains
In Q2, prices rose by 0.9% QoQ.
Private residential prices fell 0.7% QoQ in Q3 2024, a reversal from the 0.9% QoQ increase in Q2 2024.
Landed and non-landed property prices moved in opposite directions, with landed prices down 3.4% QoQ and non-landed prices up by 0.1% QoQ.
Meanwhile, data from the Urban Redevelopment Authority (URA) showed that private residential rents increased by 0.8% QoQ in Q3 2024, reversing the 0.8% QoQ decline in Q2 2024.
In Q3, landed property rents rose by 3.2% (vs 0.9% decline), whilst non-landed properties saw a 0.5% increase (vs 0.8% decline).
Developers launched 1,284 uncompleted private residential properties, excluding executive condominiums, for sale, an increase from the 634 units in Q2 2024.
The quarter also saw more units sold at 1,160. Last quarter, developers sold 725 units.