New Reporter
02-10-23, 10:57
Private home prices rise 0.5% qoq in Q3: URA flash estimate
This reverses the 0.2 per cent qoq drop in Q2 2023; year on year, index is up 4 per cent
Oct 02, 2023
OVERALL prices of private homes in Singapore rose 0.5 cent in the third quarter of this year over the preceding quarter, based on the flash estimate from the Urban Redevelopment Authority (URA) released on Monday (Oct 2) morning.
This contrasted with a 0.2 per cent quarter-on-quarter (qoq) drop in the index in Q2 2023, which marked the first decline in about three years.
On a year-on-year basis, URA’s overall private home price index is up 4 per cent.
The increase in the index for Q3 this year was led by a 5.1 per cent qoq rise in non-landed private home prices in the suburbs or Outside Central Region, compared with a 1.2 per cent increase in Q2 2023.
Prices of non-landed homes in the city fringe or Rest of Central Region also rose 2.3 per cent in Q3, contrasting with a 2.5 per cent decline in the previous quarter.
URA said higher prices in the two regions were “supported by resilient demand from local owner-occupiers”.
However, in the prime areas or Core Central Region, prices of non-landed homes fell 2.6 per cent in Q3, a steeper drop than the 0.1 per cent decrease in Q2.
URA’s overall non-landed property price index was up 2.1 per cent in Q3, against a 0.6 per cent decline in the previous quarter.
The landed property price index fell 4.9 per cent in Q3, contrasting with a 1.1 per cent increase in Q2.
URA said that the 0.5 per cent qoq rise in the overall private home price index in Q3 was “significantly lower than the average quarterly increase of 2.1 per cent in 2022”. In addition, sale transaction volume fell by about 15 per cent on a qoq basis and by about 26 per cent on a year-on-year basis in Q3 2023.
Sale transaction volume (up to mid-September) totalled 4,569 in Q3 2023, compared with 5,388 in Q2 2023, and 6,148 in Q3 2022.
Summing up, URA said: “Overall, private residential property prices remained broadly flat amid lower sale transaction volume in Q3 2023.”
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-September. The statistics will be updated on Oct 27, 2023, when URA releases its full set of real estate statistics for Q3 2023.
“Past data have shown that the difference between the quarterly prices changes indicated by the flash estimate and the actual changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.”
https://www.businesstimes.com.sg/property/private-home-prices-rise-05-qoq-q3-ura-flash-estimate
This reverses the 0.2 per cent qoq drop in Q2 2023; year on year, index is up 4 per cent
Oct 02, 2023
OVERALL prices of private homes in Singapore rose 0.5 cent in the third quarter of this year over the preceding quarter, based on the flash estimate from the Urban Redevelopment Authority (URA) released on Monday (Oct 2) morning.
This contrasted with a 0.2 per cent quarter-on-quarter (qoq) drop in the index in Q2 2023, which marked the first decline in about three years.
On a year-on-year basis, URA’s overall private home price index is up 4 per cent.
The increase in the index for Q3 this year was led by a 5.1 per cent qoq rise in non-landed private home prices in the suburbs or Outside Central Region, compared with a 1.2 per cent increase in Q2 2023.
Prices of non-landed homes in the city fringe or Rest of Central Region also rose 2.3 per cent in Q3, contrasting with a 2.5 per cent decline in the previous quarter.
URA said higher prices in the two regions were “supported by resilient demand from local owner-occupiers”.
However, in the prime areas or Core Central Region, prices of non-landed homes fell 2.6 per cent in Q3, a steeper drop than the 0.1 per cent decrease in Q2.
URA’s overall non-landed property price index was up 2.1 per cent in Q3, against a 0.6 per cent decline in the previous quarter.
The landed property price index fell 4.9 per cent in Q3, contrasting with a 1.1 per cent increase in Q2.
URA said that the 0.5 per cent qoq rise in the overall private home price index in Q3 was “significantly lower than the average quarterly increase of 2.1 per cent in 2022”. In addition, sale transaction volume fell by about 15 per cent on a qoq basis and by about 26 per cent on a year-on-year basis in Q3 2023.
Sale transaction volume (up to mid-September) totalled 4,569 in Q3 2023, compared with 5,388 in Q2 2023, and 6,148 in Q3 2022.
Summing up, URA said: “Overall, private residential property prices remained broadly flat amid lower sale transaction volume in Q3 2023.”
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-September. The statistics will be updated on Oct 27, 2023, when URA releases its full set of real estate statistics for Q3 2023.
“Past data have shown that the difference between the quarterly prices changes indicated by the flash estimate and the actual changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.”
https://www.businesstimes.com.sg/property/private-home-prices-rise-05-qoq-q3-ura-flash-estimate