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Rate of increase of private residential property prices falls further in 2nd quarter 2011

Friday 01 July 2011

According to URA's flash estimate of the private residential property index for 2nd Quarter 2011, the rate of increase in private residential property prices has fallen for the 7th consecutive quarter since 4th Quarter 2009.

Based on the flash estimate, prices rose from 199.1 points in 1st Quarter 2011 to 202.8 points in 2nd Quarter 2011. This represents an increase of 1.9%, compared with 2.2% in the previous quarter (see Annex A).

Prices of non-landed private residential properties increased by 1.6% in Core Central Region and Outside Central Region, and 1.2% in Rest of Central Region in the quarter (see Annex B). In comparison, in 1st Quarter 2011, prices of non-landed private residential properties increased by 1.1% in Core Central Region, 2.0% in Rest of Central Region and 3.1% in Outside Central Region.

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. The statistics will be updated 4 weeks later when URA releases the full 2nd Quarter 2011 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured. 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.

Source: Urban Redevelopment Authority