Private home property index slipped 2.7 points in 1Q

Condo prices dipped in all segments.

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 1st Quarter 2014 today.

Overall, the private residential property index fell 2.7 points from 214.3 points in 4th Quarter 2013 to 211.6 points in 1st Quarter 2014. This represents a decline of 1.3%, compared to the 0.9% decline in the previous quarter.

Prices of non-landed private residential properties (condo properties) in all market segments declined in 1st Quarter 2014. In Core Central Region, prices fell 1.3% after declining 2.1% in the previous quarter. This is the fourth consecutive quarter of price decline in this segment.

Prices in Outside Central Region decreased for the second consecutive quarter, by 0.3%, compared to the 1.0% decrease in the previous quarter. In Rest of Central Region, prices fell 2.8%, compared with the 0.4% increase in the previous quarter. Prices of landed private residential properties fell for the second consecutive quarter, by 0.6%, after the decline of 1.0% in the previous quarter.