Residential property prices down in Q1

The 0.1% marginal decline was the first quarterly fall since the 2nd quarter of 2009.

In a release, the Urban Redevelopment Authority said prices of private residential properties fell marginally by 0.1% in 1st Quarter 2012, compared with the 0.2% increase in the previous quarter. This was the first quarterly fall in prices since 2nd Quarter 2009, following nine consecutive quarters of declining price increases.

Prices of non-landed properties in Core Central Region and Rest of Central Region both fell by 0.6% in 1st Quarter 2012, compared with the 0.5% and 0.1% respective increase in the previous quarter. For Outside Central Region, prices increased by 1.1% in 1st Quarter 2012, compared with an increase of 0.6% in the previous quarter.

URA also reported that rentals of private residential properties registered a lower rate of increase compared to the previous quarter. Rentals increased by 0.3% in 1st Quarter 2012, less than the 0.4% increase in the previous quarter. The rate of increase in rentals has been moderating for three consecutive quarters, since 3Q2011.

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