Private home prices rise 0.7% in Q3, ending almost 4 years of decline: URA data

Private home prices fell for 15 consecutive quarters until the second quarter of this year after hitting a record peak in the third quarter of 2013.
Private home prices fell for 15 consecutive quarters until the second quarter of this year after hitting a record peak in the third quarter of 2013.ST PHOTO: KUA CHEE SIONG

SINGAPORE - Private residential property prices increased 0.7 per cent in the three months to September from the previous quarter, rising for the first time in almost four years.

This was according to figures from the Urban Redevelopment Authority (URA) on Friday (Oct 27), with the headline number coming in slightly higher than the flash estimate released at the start of the month.

For market watchers, this marks the start of a recovery in the private home market.

After hitting a record peak in the third quarter of 2013, private home prices fell for 15 consecutive quarters until the second quarter of this year, when they dipped just 0.1 per cent.

The price rise in the third quarter was led by landed property prices, which rose 1.2 per cent, compared with the 0.3 per cent decrease in the previous quarter. Prices of condominiums and apartments rose by 0.6 per cent, compared with a dip of 0.1 per cent in the second quarter.

Rents of private residential properties stopped their two-year-long slide, remaining unchanged in the third quarter, compared with the 0.2 per cent dip in the previous quarter.

 
 
 
 

Rentals of landed homes rose by 0.6 per cent, compared with the 0.1 per cent decline in the previous quarter. Rentals of non-landed properties edged down just 0.1 per cent, compared with the 0.2 per cent decline in the previous quarter.