Private property prices fall 1.2% in Q1: URA flash estimates

SINGAPORE: Private home prices in Singapore fell 1.2 per cent over the quarter in the first three months of the year, according to flash estimates released by the Urban Redevelopment Authority (URA) on Wednesday (Apr 1).

This reverses the 0.5 per cent increase seen in the previous quarter.

The private residential property index decreased by 1.8 points from 153.6 points in the fourth quarter of 2019 to 151.8 points in the first quarter of 2020.

Prices of non-landed private residential properties in the Core Central Region decreased by 1.5 per cent, compared to the 2.8 per cent decrease in the previous quarter. 

Those for the Rest of Central Region decreased by 0.5 per cent, compared to the 1.3 per cent decrease in the previous quarter. 

Prices in Outside Central Region decreased by 1 per cent, compared to the 2.8 per cent increase in the previous quarter

As for landed properties, prices decreased by 1.7 per cent, reversing the 3.6 per cent increase in the previous 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 until mid-March. 

The statistics will be updated on Apr 24 when URA releases its full set of real estate statistics for the first quarter of 2020.