Private home prices slipped 0.9% in 4Q13

First dip in prices since 1Q12.

According to a release by the Urban Redevelopment Authority, prices of private residential properties decreased by 0.9% in 4th Quarter 2013. This was the first time that overall prices have fallen since 1st Quarter 2012. For the year 2013 as a whole, prices of private residential properties increased by 1.1%, lower than the 2.8% increase in 2012.

Prices of non-landed properties in the Core Central Region (CCR) further declined by 2.1%, after the 0.3% decrease in the previous quarter. In Outside Central Region (OCR), prices declined by 1.0%, the first decrease recorded in the region since 2nd Quarter 2009.

Prices in the Rest of Central Region (RCR) recovered 0.4%, after registering a 0.9% decline

in the previous quarter. For the year 2013 as a whole, prices in CCR and RCR decreased by 1.9% and 0.1% respectively, while prices in OCR increased by 6.5%. There was no growth in the prices of private landed properties.

Rentals of private residential properties decreased by 0.5% in 4th Quarter 2013, compared with the 0.2% increase in 3rd Quarter 2013. This was the first time that rentals have fallen since 3rd Quarter 2009. For the year 2013 as a whole, rentals increased by 0.9%, lower than the 2.1% increase in 2012.