Singapore private home prices weaken further with 1.1% drop in Q2: URA flash data

SINGAPORE – Prices of private homes slipped for a second straight quarter as demand was suppressed during the nearly two month-long circuit breaker period.

Flash estimates from the Urban Redevelopment Authority (URA) on Wednesday morning (July 1) showed its overall price index for private residential properties declined 1.1 per cent in the second quarter from the previous three months.

This comes after private home prices dropped 1 per cent in the first quarter of 2020, their first quarterly decline in a year.

Prices of non-landed properties shed 0.6 per cent quarter on quarter in Q2 2020 after dipping 1 per cent in the previous quarter.

Giving a breakdown by region, the URA said that prices of non-landed homes in the prime areas or core central region slipped 0.1 per cent in Q2 2020, a smaller rate of decline compared with the drop of 2.2 per cent in the previous quarter.

In the city fringe or rest of central region, prices shed 1.9 per cent after dropping 0.5 per cent in the previous quarter.

In the suburbs or outside central region, prices were unchanged, against the drop of 0.4 per cent in the earlier quarter.

URA also said that prices of landed properties fell 2.7 per cent in the second quarter of this year, after slipping 0.9 per cent in the first quarter.

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

The statistics will be updated on July 24, 2020 when the URA releases its full set of real estate statistics for Q2 2020.

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