Singapore private home prices up 0.3% in Q4, 2.5% for 2019: URA flash data

 Fourth-quarter price rise was driven largely by those of landed private homes, whose prices rose 4 per cent quarter on quarter.
Fourth-quarter price rise was driven largely by those of landed private homes, whose prices rose 4 per cent quarter on quarter.PHOTO: ST FILE

SINGAPORE - Private home prices in the fourth quarter of 2019 edged up 0.3 per cent over the preceding quarter, according to the latest flash estimates.

This follows a 1.3 per cent quarter-on-quarter increase in the third quarter of last year.

Year on year, the index is up 2.5 per cent, compared with the 7.9 per cent jump in 2018, according to Urban Redevelopment Authority (URA) flash data released on Thursday morning (Jan 2).

It also showed that the fourth-quarter price rise was driven largely by landed private home prices, which rose 4 per cent quarter on quarter, after increasing 1 per cent in the previous quarter.

Prices of non-landed homes, in contrast, fell 0.7 per cent in the fourth quarter, after climbing 1.3 per cent in the previous quarter.

Giving a breakdown by region, the URA said that prices of non-landed private homes in the prime areas or core central region (CCR) fell 3.7 per cent quarter on quarter, compared with the 2 per cent hike in the previous quarter.

Prices in the fringe areas or rest of central region (RCR) fell 1.4 per cent, after posting an increase of 1.3 per cent in the previous quarter. But prices in the suburbs or outside central region (OCR) held up, rising 2.9 per cent, following a 0.8 per cent increase in the previous quarter.

The URA's flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-December.

The statistics will be updated on Jan 23 when the URA releases its full set of real estate statistics for the fourth quarter of 2019.