Mid-tier homes hardest hit by demand slowdown in Q1

RCR prices slipped 1.7%.

The mid-market home segment sustained the largest price declines in the first quarter of the year. Data released by the Urban Redevelopment Authority (URA) showed that RCR home prices posted a 1.7% quarter-on-quarter decline in Q1.

Meanwhile, the mass market segment in the OCR extended its price decline for the sixth consecutive quarter in the first quarter, decreasing by 1.1% quarter-on-quarter and 3.1% year-on-year.

The high-end market segment in the CCR saw the smallest price decline on a quarterly basis in the quarter, falling by 0.4% quarter-on-quarter and 3.5% year-on-year.

“The price declines were led by softening prices in the Rest of Central Region (RCR). Prices of non-landed homes in the RCR sustained the largest quarterly fall of 1.7% in 1Q 2015, following 4Q 2014’s decline of 1.4%. Developers offered discounts in projects, such as Sims Urban Oasis and Marine Blue, to lure buyers back into the market,” stated Colliers.