Home prices inched up by 1.1% in 2017

Rentals declined by 1.9%, albeit softer than last year's 4% drop.

Home prices in Singapore rose by 1.1% YoY, compared to the 3.1% decline in 2016, the Urban Redevelopment Authority (URA) revealed.

According to data, prices of private residential properties increased by 0.8% in Q4, similar to the 0.7% increase in the previous quarter.

Prices of landed properties dipped by 0.5% YoY, whilst prices of non-landed properties edged up by 1.3% YoY.

Prices of non-landed properties in Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) increased by 0.6% YoY, 1.8% YoY, and 1.4% YoY respectively.

Meanwhile, rentals of private homes declined by 1.9% YoY, compared with the decline of 4% in 2016. Rentals of landed and non-landed properties declined by 3.1% YoY and 1.7% YoY respectively.

There were 877 uncompleted private residential units, excluding executive condominiums (ECs), launched for sale in Q4, compared with 1,183 units in the previous quarter. For the whole of 2017, developers launched 6,020 units, compared with 7,877 units in 2016.