Singapore private home prices fall 1% in the first quarter: URA

THE property market continued to feel the sting of cooling measures, as private home prices fell for the sixth straight quarter.

Private home prices fell 1 per cent in the first quarter of this year, the Urban Redevelopment Authority (URA) said on Friday. It had dropped 1.1 per cent in the fourth quarter.

This was slightly less than the estimated 1.1 per cent decline when the URA released its flash estimates earlier this month.

The 1 per cent decline in the three months to March 31 follows an overall 4 per cent slide last year.

Non-landed homes in the city centre saw prices falling by 0.4 per cent, less than the 0.9 per cent decline in the previous quarter.

Prices of apartments in the city fringe fell 1.7 per cent, bigger than the 1.3 per cent decline in the previous quarter.

Prices of apartments in the suburbs fell 1.1 per cent, more than 0.8 per cent decline in the previous quarter.

Landed home prices also slid 0.9 per cent, compared with a 1.3 per cent decrease in the previous quarter.