New Reporter
26-01-24, 09:50
Private home prices up 2.8% in Q4 but rents fall 2.1%; prices up 6.8% for the year: URA
Jan 26, 2024
PRICES of private residential properties rose 2.8 per cent in the fourth quarter of 2023, while rents fell for the first time in three years, figures from the Urban Redevelopment Authority (URA) showed on Friday (Jan 26).
The updated Q4 price index was a tad higher than the 2.7 per cent flash estimate by the agency earlier this month, and followed an increase of 0.8 per cent in the previous quarter.
For the year, prices were up 6.8 per cent, softening from the 8.6 per cent growth in 2022 and 10.6 per cent rise in 2021. Rents, meanwhile, registered 8.7 per cent growth, significantly slower than the 29.7 per cent surge in 2022.
Prices rose the fastest in the suburban Outside Central Region (OCR), far outpacing other regions at 13.7 per cent. Prime Core Central Region (CCR) prices were up 1.9 per cent, while city-fringe prices in the Rest of Central Region (RCR) rose 3.1 per cent.
Landed properties led the rise in home prices in the last quarter, climbing 4.6 per cent in a reversal from the 3.6 per cent decline in Q3. For the whole of 2023, landed home prices rose 8 per cent, slowing slightly from gains of 9.6 per cent in 2022.
Prices of non-landed properties rose 2.3 per cent in Q4 2023, versus the 2.2 per cent rise in the previous quarter. For the whole of last year, non-landed home prices grew 6.6 per cent, moderating from 8.1 per cent in 2022.
Suburban homes in the OCR posted the fastest growth in prices in the fourth quarter, climbing 4.5 per cent, following a 5.5 per cent increase in the quarter before.
Non-landed property prices in the CCR rose 3.9 per cent in Q4, after falling 2.7 per cent in the previous quarter. Prices of homes in the RCR dipped 0.8 per cent, after rising 2.1 per cent in Q3.
In the primary market, developers launched 1,060 private homes, excluding executive condominiums (ECs), for sale in the fourth quarter, less than half of Q3’s 2,805 units. Still, a total of 7,551 units were launched for sale in 2023, compared with 4,528 units in 2022.
Sales volumes consequently fell to 1,092 units in Q4, from 1,946 units in Q3. For the whole of 2023, 6,421 units were sold, down from 7,099 units in the previous year.
There were 2,831 resale transactions in the fourth quarter, compared with 2,900 units transacted in the prior quarter. These deals accounted for 65.3 per cent of all sales transactions in Q4, higher than 55.8 per cent in Q3.
In total, there were 11,329 resale transactions in 2023, compared with 14,026 units transacted in 2022.
On the rental front, URA’s overall index was down 2.1 per cent in the fourth quarter – the first decrease in over three years. This brought full-year growth to 8.7 per cent, easing significantly from the 29.7 per cent increase posted in 2022. The vacancy rate inched down to 8.1 per cent as at end-Q4, from 8.4 per cent in Q3.
The slowdown in the rental index followed the completion of 4,085 private housing units, including ECs, in the fourth quarter. That brought the total number of completions in 2023 to 21,284 units – more than double that of 2022. It is also the highest annual completion since 2016, said URA.
In the coming year, 11,793 private homes, including ECs, are set to be ready, based on expected completion dates reported by developers to authorities. Another 6,747 units are expected to be completed in 2025.
Altogether, around 18,500 units are expected to be completed between 2024 and 2025. With the 21,284 units completed in 2023, close to 100,000 public and private housing units will be completed between 2023 and 2025.
https://www.businesstimes.com.sg/property/private-home-prices-28-q4-rents-fall-21-prices-68-year-ura
Jan 26, 2024
PRICES of private residential properties rose 2.8 per cent in the fourth quarter of 2023, while rents fell for the first time in three years, figures from the Urban Redevelopment Authority (URA) showed on Friday (Jan 26).
The updated Q4 price index was a tad higher than the 2.7 per cent flash estimate by the agency earlier this month, and followed an increase of 0.8 per cent in the previous quarter.
For the year, prices were up 6.8 per cent, softening from the 8.6 per cent growth in 2022 and 10.6 per cent rise in 2021. Rents, meanwhile, registered 8.7 per cent growth, significantly slower than the 29.7 per cent surge in 2022.
Prices rose the fastest in the suburban Outside Central Region (OCR), far outpacing other regions at 13.7 per cent. Prime Core Central Region (CCR) prices were up 1.9 per cent, while city-fringe prices in the Rest of Central Region (RCR) rose 3.1 per cent.
Landed properties led the rise in home prices in the last quarter, climbing 4.6 per cent in a reversal from the 3.6 per cent decline in Q3. For the whole of 2023, landed home prices rose 8 per cent, slowing slightly from gains of 9.6 per cent in 2022.
Prices of non-landed properties rose 2.3 per cent in Q4 2023, versus the 2.2 per cent rise in the previous quarter. For the whole of last year, non-landed home prices grew 6.6 per cent, moderating from 8.1 per cent in 2022.
Suburban homes in the OCR posted the fastest growth in prices in the fourth quarter, climbing 4.5 per cent, following a 5.5 per cent increase in the quarter before.
Non-landed property prices in the CCR rose 3.9 per cent in Q4, after falling 2.7 per cent in the previous quarter. Prices of homes in the RCR dipped 0.8 per cent, after rising 2.1 per cent in Q3.
In the primary market, developers launched 1,060 private homes, excluding executive condominiums (ECs), for sale in the fourth quarter, less than half of Q3’s 2,805 units. Still, a total of 7,551 units were launched for sale in 2023, compared with 4,528 units in 2022.
Sales volumes consequently fell to 1,092 units in Q4, from 1,946 units in Q3. For the whole of 2023, 6,421 units were sold, down from 7,099 units in the previous year.
There were 2,831 resale transactions in the fourth quarter, compared with 2,900 units transacted in the prior quarter. These deals accounted for 65.3 per cent of all sales transactions in Q4, higher than 55.8 per cent in Q3.
In total, there were 11,329 resale transactions in 2023, compared with 14,026 units transacted in 2022.
On the rental front, URA’s overall index was down 2.1 per cent in the fourth quarter – the first decrease in over three years. This brought full-year growth to 8.7 per cent, easing significantly from the 29.7 per cent increase posted in 2022. The vacancy rate inched down to 8.1 per cent as at end-Q4, from 8.4 per cent in Q3.
The slowdown in the rental index followed the completion of 4,085 private housing units, including ECs, in the fourth quarter. That brought the total number of completions in 2023 to 21,284 units – more than double that of 2022. It is also the highest annual completion since 2016, said URA.
In the coming year, 11,793 private homes, including ECs, are set to be ready, based on expected completion dates reported by developers to authorities. Another 6,747 units are expected to be completed in 2025.
Altogether, around 18,500 units are expected to be completed between 2024 and 2025. With the 21,284 units completed in 2023, close to 100,000 public and private housing units will be completed between 2023 and 2025.
https://www.businesstimes.com.sg/property/private-home-prices-28-q4-rents-fall-21-prices-68-year-ura