Chart of the Day: Landed property prices dip 0.9% in Q1

This was the first quarter of decline for the index.

This chart from EDMUND TIE shows that the Landed Property Price Index (PPI) registered a 0.9% QoQ decline in Q1 based on the URA All Residential Property Price Index.

This was the first quarter of decline for the landed PPI after two consecutive quarters of increase. However, landed PPIs posted a 3.6% YoY increase in Q1 compared to last year.

The research notes this is attributable to lockdowns in many countries, restricting short-term visitors and potential foreign homebuyers from entering Singapore.

As the number of new cases of COVID-19 heightened since March, stepped-up restrictions on people mobility in Singapore, such as social distancing and caps on the number of visitors to residential showflats, have reduced purchasing and leasing activities, impacting the private home transactions and prices.