Private home prices up but increase slowing down

The private residential property index rose just 1.3% in the 3rd quarter, compared to the 2% increase in the previous quarter.

According to the Urban Redevelopment Authority, the rate of increase in private residential property prices has continued to moderate for the 8th consecutive quarter since 4th Quarter 2009. The private residential property index rose from 203.0 points in 2nd Quarter 2011 to 205.7 points in 3rd Quarter 2011.

URA said, “Prices of non-landed private residential properties increased by 0.8% in Core Central Region, 1.1% in Rest of Central Region and 2.1% in Outside Central Region in the quarter. In comparison, in 2nd Quarter 2011, prices of non-landed private residential properties increased by 1.6% in Core Central Region, 1.1% in Rest of Central Region and 1.7% 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 when URA releases the full 3rd Quarter 2011 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured.

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