Private home prices fall 1.1% in Q1: URA flash estimates

High-rise private apartments in the Scotts Road and Cairnhill area. Prices of private homes in Singapore continued their downward slide in the first quarter of this year, according to flash estimates released by the Urban Redevelopment Authority on W
High-rise private apartments in the Scotts Road and Cairnhill area. Prices of private homes in Singapore continued their downward slide in the first quarter of this year, according to flash estimates released by the Urban Redevelopment Authority on Wednesday. -- PHOTO: ST FIL

SINGAPORE - Prices of private homes in Singapore continued their downward slide in the first quarter of this year, according to flash estimates released by the Urban Redevelopment Authority (URA) on Wednesday.

This marks the sixth straight quarter of price decline since the record high in September 2013.

The estimated 1.1 per cent decline in the three months to March 31 follows a similar 1.1 per cent slide in the fourth quarter of last year, and an overall 4 per cent slide last year.

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Apartments in the city centre saw prices falling by 0.6 per cent, lower than the 0.9 per cent decline in the previous quarter.

Prices of apartments in the city fringe fell 1.8 per cent, bigger than the 1.3 per cent decline in the previous quarter.

Prices of apartments in the suburbs fell 0.9 per cent, about the same as the 0.8 per cent decline in the previous quarter.

Landed home prices also slid 1.1 per cent, compared with a 1.3 per cent decrease in the previous quarter.

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URA's latest set of private housing data were the first to use its new methodology, which takes into account the size and age of units to better reflect market prices.

The flash estimates are compiled based on transaction prices given in caveats lodged and survey data on new units sold by developers during the first ten weeks of the quarter.

The statistics will be updated four weeks later, when the full real estate statistics for the quarter are released by the URA.