Singapore private home prices slip by 0.4% in Q2

Prices of landed properties declined by 1.5%.

Private home prices in the city-state declined at a slower rate compared to the previous quarter, with condo prices decreasing by 0.1% in the second quarter.

According to a release by the Urban Redevelopment Authority (URA), prices of non-landed properties in Outside Central Region (OCR) decreased by 0.5%, compared to the 1.3% decline previously.

“Prices of non-landed properties in Rest of Central Region (RCR) rose by 0.2% after remaining unchanged in the previous quarter. Prices of non-landed properties in Core Central Region (CCR) increased by 0.3%, after increasing 0.3% previously,” the report said.

Meanwhile, rentals of private homes also fell by 0.6% compared to the 1.3% decline in the previous quarter, with rentals of landed and non-landed properties falling by 1.6 and 0.4% respectively.

“Rentals of non-landed properties rose 0.1% in CCR, compared to the 1.7% decline in the previous quarter. Rentals in RCR and OCR fell 0.6% and 1.2% respectively, the same rates of decline recorded previously,” the release said.

Additionally, developers launched 2,371 uncompleted private residential units (excluding Executive Condominiums, ECs) for sale in 2nd quarter 2016, compared to the 953 units in the previous quarter, the release noted.

“Developers sold 2,256 private residential units (excluding ECs) in 2nd quarter 2016, compared to the 1,419 units sold previously,” it added.