Private home prices dip 0.5% in Q4

Prices eased up from the 1.5% decline in Q3.

Prices of private residential properties declined by 0.5% in 4Q16, an improvement from the 1.5% decline in the previous quarter.

According to the Urban Redevelopment Authority, prices for the whole of 2016 fell 3.1% compared with the 3.7% decline in 2015.

Prices of landed properties rose by 0.8%, compared with the 2.7% decline in the previous quarter. Prices of non-landed properties decreased by 0.8%, compared with the 1.2% decline in the previous quarter. For the whole of 2016, prices of landed properties decreased by 4.5% while prices of non-landed properties fell by 2.6%.

Prices of non-landed properties in Core Central Region (CCR) increased by 0.1%, compared with the 1.9% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) and Outside Central Region (OCR) decreased by 2.0% and 0.6% respectively, compared with the 1.0% decrease in RCR and 1.0% decrease in OCR in the previous quarter. For the whole of 2016, prices in CCR, RCR and OCR declined by 1.2%, 2.8% and 3.4% respectively.

Meanwhile, developers launched 2,944 uncompleted private residential units (excluding ECs) for sale in 4Q16, compared with 1,609 units in the previous quarter. For the whole of 2016, developers launched 7,877 units, compared with 7,056 units in 2015.

Developers sold 2,316 private residential units (excluding ECs) in 4Q16, compared with the 1,981 units sold in the previous quarter. For the whole of 2016, developers sold 7,972 units, compared with 7,440 units in 2015.