About Private Residential Properties Prices Rose at a Slower Rate in the Last Quarter Compared to Q4 2021 | URA has announced the statistics for the private homes market for Q1 2022. Generally, private residential property prices rose at a slower rate of 0.7% in the last quarter compared to Q4 2021, which recorded a 5.0%. The reduced rate came on the back of December 2021 cooling measures, which displayed a rise in the ABSD rate for property investors and foreigners and a slower TDSR.
Additionally, breaking down by the type of property, the landed property prices increased by 4.2% in first-quarter 2022, unlike the previous quarter which witnessed a 3.9% increase. And so, Tricia Song, the Head of Research in Southeast Asia at CBRE accounted that the price increase was due to the sustained activity and limited stock in the market. Also, the establishment of the strata-landed project Belgravia Ace is among the top factors that lead to the price growth of the private residential properties.
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Contrary, the non-landed property prices plunged by 0.3% in Q1 2022, after it had witnessed a 5.3% rise in Q4 2021. Thus, the head of Research and Consultancy at ERA, Nicholas Mak suggested that this was the first decline in price after 7 consecutive quarters of expansion. Therefore, amid the 3 market segments, RCR condos witnessed the top price drop of 2.7% in Q1 2022, unlike a 6.7% rise in the previous quarter. In the same vein, prices of CCR condos declined by 0.1%, compared to the 2.7% rise in the last quarter.
On top of that, OCR condo prices rose by 2.2%, lower than the 5.7% increase in the previous quarter. Mak explains that the reason behind the non-landed prices’ resilience was because of an outgrew supply of private homes on the outskirts. The demand for the houses was powered by the increased price of the HDB resale flats.