Private home prices down for 7th consecutive quarters: URA

By The Folks @PropTalk - July 24, 2015 No Comments

Prices of private residential properties in the second quarter fell by 0.9% from the previous quarter – the seventh consecutive quarter of decline, the Urban Redevelopment Authority (URA) said on Friday (Jul 24).

The price decline was observed across all segments of the private residential property market, URA said. Prices of non-landed properties in the Core Central Region (CCR) and Rest of Central Region (RCR) declined by 0.6% from the previous quarter, while prices in the Outside Central Region (OCR) fell by 1.1%. Prices of landed properties declined by 1%.

Rentals of private residential properties fell by 1.1% from the previous quarter, compared with a 1.7% decline in the January to March period.

Developers launched 2,099 uncompleted private residential units excluding Executive Condominiums (ECs) in the second quarter, up from the 1,189 units launched in the previous quarter, URA said. A total of 2,116 private residential units (excluding ECs) were sold by developers during the quarter, compared with 1,311 units in the first quarter.

A total of 480 EC units were launched during the quarter, and 439 units sold over the same period, up from the 326 units sold in the previous quarter.

The number of resale transactions rose to 1,827, up from the 1,250 transactions in the first quarter. Resale transactions accounted for 44.5% of all sale transactions during the quarter, compared with 47.1% in the previous quarter.

There were 161 sub-sale transactions, up from the 94 transactions in the previous quarter. Sub-sales accounted for 3.9% of all sale transactions, up from the 3.5% recorded in the previous quarter.

As at the end of the second quarter, there were 61,237 uncompleted private residential units (excluding ECs) in the pipeline, compared with 68,201 units in the previous quarter. Of this number, 24,435 units remained unsold. Adding the 14,701 upcoming EC units, there are a total of 75,938 units in the pipeline, according to URA.

Based on expected completion dates reported by developers, 13,191 units (including ECs) will be completed in the second half of 2015, URA said. Another 25,841 units (including ECs) are expected to be completed in 2016.

Source: CNA

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