Chart of the Day: Overall home prices dropped 0.7% in Q1

Mass-market homes saw the biggest drop.

Overall home prices in Singapore dropped by 0.7% quarter-on-quarter in the first three months of the year, according to flash estimates released by the Urban Redevelopment Authority (URA).

Mass-market homes in the Outside Central Region (OCR) saw the largest decline in prices with a 0.9% contraction. In contrast, prices of luxury homes in the Core Central Region (CCR) rose by 0.4%. Prices of homes in the Rest of Central Region (RCR) dropped by 0.4%.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on new units sold by developers up until mid-March. 

The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 1st Quarter 2016, which captures more data from the stamp duty records and the take-up of new projects.