According to a fresh set of data that was published by the Urban Redevelopment Authority [URA], it shows that prices of private properties in Singapore has seen a depreciation of 1 percent, for the first quarter of 2015. Also, accompanying this piece of news it is believed that, according to flash estimates, the April has seen a slightly bigger drop than 1.1 percent.
Singapore’s property market for private homes has seen a constant decline for quite some time now, and this news shouldn’t come as a surprise either. In fact, this present quarter happens to be the sixth of the earlier successive quarters that had also seen a steady decline in prices of homes.
In Q4 of 2014, there was a 1.1 percent drop in private property prices and for the same; we saw a drop by 4 percent throughout 2014. Experts state that this is happening due to the several rounds of cooling measures that is primarily responsible for bringing down the prices.
Besides, it is also worthy to note that these price reductions have been observed across all segments of the private property market. Property prices for the non-landed regions in the city area, i.e. the Central Core Region, took a 0.4 percent dip, although this was comparatively lower than last quarter’s 0.9 percent drop. On the other hand, the city fringes took a larger fall with a 1.7 percent price decline, which is more than the 1.3 percent it had in the earlier quarter.
Outside regions have also seen price drops. For instance, the suburban areas had a decline 1.1 percent. In the earlier quarter, this stood at 0.8 percent.
However, only landed properties saw some respite. Their price drop this quarter stands at 0.9 percent, while it was 1.3 percent in the previous quarter.
The URA also made use of a revised methodology for the calculation of the price index this time, which offers better control for property variations like that of age and unit size.