Flash estimates of Singapore’s Urban Redevelopment Authority’s price index suggested that the prices of private residential properties had dropped by 0.9 percent in the Q2 2015. The present decline also comes after a decline in the first quarter that saw private residential property prices dip by 1 percent.
As such, this is also the seventh continuous price decrease that has been affecting the property market. The URA also mentioned that in all market segments, the prices of non-landed private properties had witnessed a decline.
Property prices in the Core Central Region took a dip of 0.5 percent, which was above the 0.4 percent dip that happened in the previous quarter. The Rest of Central Region also saw a price decline of 0.5 percent. In the earlier quarter, prices in this region had seen a slide of 1.7 percent. As for the prices in the Outside Central Region, there was a decline of 1.2 percent, again more than the 1.1 percent slide in the previous quarter.
Flash estimates are usually prepared on transaction prices that are mentioned in contracts when they are submitted for stamp duty payment. Also, survey data on new units that are sold by developers make up another source for the calculations. For calculations, the first ten weeks of the quarter are generally taken into account.
The URA is also due to release the full report for the second quarter, which will essentially contain more data from stamp duty records and that of new projects in four weeks time.