Private property prices down 2.4% in Q3

[mr funny]

http://www.businesstimes.com.sg/sub/latest/story/0,4574,302670,00.html?

October 24, 2008, 1.16 pm (Singapore time)

Private property prices down 2.4% in Q3


SINGAPORE - The official private home price index slipped 2.4 per cent cent in the third quarter compared with the preceding quarter, according to latest data by Urban Redevelopment Authority (URA) on Friday.

'Prices of private residential, office, and shop properties decreased by 2.4 per cent, 3.9 per cent and 0.3 per cent respectively in the Q3 2008 while the prices of industrial properties increased slightly by 0.9 per cent in the same period,' URA said.

'Rentals of private residential, office and shop properties decreased by 0.9 per cent, 0.8 per cent, and 0.6 per cent respectively in the 3rd Quarter 2008, while the rentals for industrial properties increased slightly by 0.1 per cent in the same period,' URA said.

In the public housing segment, Housing & Development Board's resale flat price index rose 4.2 per cent in Q3 over the preceding quarter, lower than the 4.5 per cent quarter-on-quarter gain seen in Q2. The total number of HDB resale applications registered rose by 4.5 per cent, from 7,763 cases in Q2 to 8,112 cases in Q3.

The median Cash-Over-Valuation (COV) amount of all resale transactions in Q3 was $19,000 (US$12,646) - slightly lower than the $20,000 COV in Q2.

Cases requiring COV constituted 89 per cent of all resale transactions in Q3, with 11 per cent of resale transactions conducted at or below valuation.

Overall median sublet rents for HDB flats rose slightly in Q3. However, subletting transactions fell about 4 per cent from about 4,120 cases in Q2 to about 3,960 cases in Q3. The total number of HDB flats approved for subletting rose to about 21,400 units, compared to about 20,200 units in Q2.


Click here for URA's news release:
http://www.ura.gov.sg/pr/text/2008/pr08-107.html

Click here for HDB's news release:
http://www.hdb.gov.sg/fi10/fi10296p.nsf/PressReleases/82A850D8E04A77C8482574EC001188EC?OpenDocument

[mr funny]

http://www.straitstimes.com/Breaking%2BNews/Singapore/Story/STIStory_294381.html

Oct 24, 2008

Private home prices fall


SINGAPORE private home prices fell 2.4 per cent in the third quarter of 2008, government data showed on Friday, worse than an initial estimate of a 1.8 per cent decline as the economy weakened in September.

Rents during the July-September period fell by 0.9 per cent after gaining 2.5 per cent in the three months to June, the Urban Redevelopment Authority (URA) said.

Singapore releases advance estimates on property prices shortly after the end of each quarter based primarily on transactions during the first 10 weeks of the period. The government subsequently provides detailed data for the period that includes price changes by region as well as rental trends.

The fall in Singapore home prices in the three months to September marked the first decline in four years amid concerns over the worsening global financial turmoil and coincides with the economy's descent into recession during the quarter. -- REUTERS

[mr funny]

http://www.channelnewsasia.com/stories/singaporebusinessnews/view/385086/1/.html

Singapore's Q3 private home prices down 2.4%

By Wong Siew Ying, Channel NewsAsia | Posted: 24 October 2008 1422 hrs


SINGAPORE: Prices of private residential properties in Singapore dropped 2.4 per cent in the third quarter of 2008, snapping four years of growth.

The figure fell short of an initial estimate of a 1.8 per cent decline, on the back of an economic downturn.

Among them, costs of high-end properties in prime districts continue to trend down, dipping 2.7 per cent, while prices in mid-tier and mass market segments fell by between 1.5 and 2.4 per cent.

Releasing the data, Singapore's urban planners said on Friday it is also cheaper to rent private homes, with rates falling 0.9 per cent compared to a 2.5 per cent increase in the last quarter.

Property analysts said recessionary pressure has affected consumer confidence.

They said they expect more price corrections going forward, partly offsetting the large increase in prices in the past year.

- CAN/yb

[BlackKnight]

Q3's report is for transactions done in Q2. These are not yesterday's transactions. Work backwards 6 to 12 weeks, because it typically takes that long to complete a sale. Wait for Q4 report. The drop is more drastic.