Private residential property prices down 0.9% in Q2: URA

This is the seventh straight quarter of decline.

Overall private residential property prices declined by 0.9% in Q2, according to flash estimates released today by the Urban Redevelopment Authority (URA).

This marks the seventh consecutive quarter of decline and compares to a 1% decline in the previous quarter.

The URA said that prices of non-landed private residential properties declined in all market segments. In Core Central Region (CCR), prices fell 0.5%, higher than the 0.4% decline in the previous quarter.

Meanwhile, prices in Rest of Central Region (RCR) fell 0.5%, compared to the 1.7% decline in the previous quarter. In Outside Central Region (OCR), prices fell 1.2%, higher than the 1.1% decline in the previous quarter.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and survey data on new units sold by developers during the first ten weeks of the quarter.

The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 2nd Quarter 2015, which captures more data from the stamp duty records and the take-up of new projects.