Overall private residential property index rose marginally by 0.4%

The pace of change in prices varied across the different market segments.

The Urban Redevelopment Authority reported:

The overall private residential property index rose from 206.0 points in 1st Quarter 2012 to 206.8 points in 2nd Quarter 2012. This represents an increase of 0.4%, compared to the 0.1% decrease in the previous quarter.

Prices of non-landed private residential properties increased by 0.6% in Core Central Region in 2nd Quarter 2012, compared to a decrease of 0.6% in the previous quarter. There was no change in the prices in Rest of Central Region. Prices in Outside Central Region increased at a slower pace of 0.4% in 2nd Quarter 2012, compared to an increase of 1.1% in the previous quarter.

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 by developers. The statistics will be updated 4 weeks later when URA releases the full 2nd Quarter 2012 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.

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