Latest Market News

URA releases flash 2nd quarter 2010 private residential property price index

Thursday 1 July 2010

The Urban Redevelopment Authority (URA) released today the flash estimate of the price index of private residential property for 2nd Quarter 2010.

Based on the estimated price index of private residential property, prices rose from 175.0 points in the 1st Quarter 2010 to 184.1 points in the 2nd Quarter 2010. This represents an increase of 5.2%, compared with 5.6% in the previous quarter (see Annex A).

URA also released today the flash estimates of the price changes in the 3 geographical regions for 2nd Quarter 2010. Prices of non-landed private residential properties increased by 5.1% in Core Central Region, 4.5% in Rest of Central Region and 5.7% in Outside Central Region in the quarter (see Annex B). In comparison, for 1st Quarter 2010, prices of non-landed private residential properties increased by 4.4% in Core Central Region, 7.9% in Rest of Central Region and 4.3% 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 2010 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.

URA will continue to release relevant property market information in a timely manner to allow the public to make informed decisions. On the supply side, the statistics on private residential units in the pipeline, which were last released in April 2010, will be updated in the 2nd Quarter 2010 Real Estate Statistics to be released on 23 July 2010.

Source: Urban Redevelopment Authority