Private home price declines moderate in Q1

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March 31, 2009, 2.16 pm (Singapore time)

Private home price declines moderate in Q1

By KALPANA RASHIWALA


SINGAPORE - Property consultancy group DTZ says the steep fall in private home prices in Singapore during fourth quarter 2008 moderated to a slower pace in Q1 2009.

Average prices of freehold non-landed private homes in the prime districts of 9, 10 and 11 fell 3.7 per cent quarter-on-quarter to S$1,120 per sq ft in Q1 this year, slower than the 14 per cent quarter-on-quarter decline in Q4 last year.

The average price of luxurious homes in the prime districts also registered a slower decline of 3.6 per cent in Q1 2009, after sliding 22 per cent in Q4 2008.

Outside the prime districts, the average price of non-landed, 99-year leasehold homes slipped 2.6 per cent in Q1 2009, after falling 5.8 per cent in Q4 2008.

DTZ said that landed homes were the most resilient, posting average price falls of 1.5 to 2.2 per cent, compared with the 3.8 to 5.8 per cent price drops seen in Q4 2008.