Private home Prices grew 2% in Q2 2011

By The Folks @PropTalk - July 22, 2011 No Comments

Private home prices in Singapore rose at a slower pace of 2% in the second quarter, according to statistics from the Urban Redevelopment Authority (URA).

This was in line with the flash estimates which showed a 1.9% increase as announced earlier.

The property price index stood at 203 points in the second quarter.

In the previous quarter, the price index grew 2.2% to 199.1 points.

URA said the rate of price increase has moderated for seven straight quarters, since the fourth quarter of 2009.

For the second quarter of this year, non-landed residential properties in the prime city area, or core central region, increased by 1.6%.

The city fringe areas, or rest of central region, posted a 1.1% increase.

Suburban areas, or outside central region, also showed an increase of 1.7%.

URA said that the supply of residential units in the pipeline continues to build up.

There was a total of 71,111 uncompleted private homes at the end of the second quarter.

This was higher compared to the 68,887 units in the first quarter.
Source: Channel News Asia



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