Private home prices down 0.5% in Q1

Prices of landed houses fell more compared to those of condos.

Prices of private homes fell 0.5% quarter-on-quarter in the first quarter of the year, recent flash estimates from Urban Redevelopment Authority (URA) revealed.

This is the same rate of decline recorded in the previous quarter.

Overall, the private residential property index fell 0.7 point from 137.2 points in 4Q16 to 136.5 points in 1Q17.

Condo prices fell by 0.2% in Core Central Region (CCR), compared to the 0.1% increase in the previous quarter. Meanwhile, prices in the Rest of Central Region (RCR) remained unchanged, after registering a decrease of 2% in the previous quarter. An increase of 0.1% was seen in Outside Central Region (OCR), after a 0.6% decline in the previous quarter.

On the other hand, prices of landed residential properties fell by 2.8%, compared to the 0.8% increase in the previous quarter.