Singapore private home prices weaken for 11th straight quarter, down 0.4% in Q2: URA flash data

URA's flash data showed that overall prices were dragged down by prices in the suburbs.
URA's flash data showed that overall prices were dragged down by prices in the suburbs. PHOTO: ST FILE

SINGAPORE - Private home prices fell for an 11th straight quarter in the second quarter of this year, but at a slower rate than previously, according to Urban Redevelopment Authority flash estimates on Friday (July 1).

They were down an estimated 0.4 per cent for the quarter, compared with a 0.7 per cent decline in the first quarter.

Private home prices are in the longest losing streak in almost two decades, as property curbs dampen demand.

Those curbs have included a cap on debt repayment costs at 60 per cent of a borrower's monthly income, and higher stamp duties on home purchases. In his Budget speech in February, Finance Minister Heng Swee Keat said it was "premature" to relax the curbs.

URA's flash data showed that overall prices were dragged down by prices in the suburbs. Prices of non-landed homes in the outside central region fell 0.7 per cent in the quarter.

Prices of non-landed homes in the core central region rose 0.2 per cent while those in the rest of central region rose 0.3 per cent.

Housing data for the quarter will be updated four weeks later, when URA releases the full statistics for the second quarter - capturing more data from stamp duty records and the take up of new projects.