Private home prices dropped 0.4% in Q2

Only mass-market home prices declined.

Prices of non-landed private homes dropped by 0.4% in the first quarter, according to flash estimates from the Urban Redevelopment Authority (URA).

Home prices in the Outside Central Region (OCR) dropped by 0.7%, extending its 1.3% decline in the previous quarter. In contrast, prices in the Core Central Region (CCR) rose by 0.2%, extending its 0.3% in the previous quarter. Prices of homes in the Rest of Central Region (RCR) rose by 0.3% after staying flat in the preceding quarter.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on new units sold by developers up till mid-June.

The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 2nd Quarter 2016, which captures more data from the stamp duty records and the take-up of new projects.