Number of homes transacted in Q1 2015 is lowest since Q4 2008; rents also weaken

The total number of units transacted across Singapore slipped again in the first quarter of this year. A total of 2,655 units were transacted, the third straight quarter of decline and the lowest since a total of 1,639 transactions was recorded in the fourth quarter of 2008.

The number of new units sold dipped slightly to 1,311 from 1,376 in the fourth quarter. This includes uncompleted and completed new units.

Resale transactions were down to 1,250 from 1,255 in the previous quarter.

Subsale transactions were down to 94 from 129 in the previous quarter.

Rents of private homes were also down in the first quarter, sliding a further 1.7 per cent quarter on quarter.

Rentals declined across all segments. Rents of non-landed properties fell 1.9 per cent in the city centre, 1.6 per cent in the city fringes, and 1.8 per cent in the suburbs. Rents of landed homes declined by 1.2 per cent as well.