Singapore private home prices fall 1.3% in Q1, HDB resale prices dip 1.5%

Home prices in Singapore continued to fall in the first three months of this year, according to flash estimates released on April 1, 2014. -- ST FILE PHOTO: ALPHONSUS CHERN
Home prices in Singapore continued to fall in the first three months of this year, according to flash estimates released on April 1, 2014. -- ST FILE PHOTO: ALPHONSUS CHERN

Home prices in Singapore continued to fall in the first three months of this year, according to flash estimates released on Tuesday morning.

Private home prices dipped 1.3 per cent in the first quarter from the fourth quarter last year, a steeper drop than the 0.9 per cent decline in the previous quarter, said the Urban Redevelopment Authority (URA).

The price fall was felt in all three market segments across the island, the URA said. Private home prices in the core central region fell 1.3 per cent in their fourth consecutive drop, while prices on the city-fringe areas experienced the sharpest fall of 2.8 per cent, after rising 0.4 per cent in the fourth quarter last year.

Suburban home prices were 0.3 per cent lower in the January to March period, easing from a 1 per cent drop in the fourth quarter last year. Landed home prices slipped 0.6 per cent.

Prices of Housing Board (HDB) resale flats also fell 1.5 per cent in the first quarter, matching the preceding quarter's 1.5 per cent fall.

These flash estimates are compiled based on transactions during the first 10 weeks of the quarter. The statistics will be updated on April 25 with more complete data.

Comments