Singapore home prices recorded a 3% drop in 2016, the 13th straight quarter of declines.
Typical Singapore condos
Urban Redevelopment Authority (URA), the urban planning authority of Singapore, reported a 0.4% slump on home prices during the October – December period of 2016. This data shows a better outcome compared to the 1.5% fall in the previous quarter.
A 3% decrease in home prices was felt for the whole 2016, compared to 2015’s 3.7% drop.
To ensure transparency in Singapore property market, developers of de-licensed projects sold in September were asked to include net prices of the homes, in contrast to submitting just the gross prices. De-licensed projects are Singapore homes or properties with individual titles issued and have acquired Certificate of Statutory Completion.
According to URA, the Q4 flash data were based on contracts for stamp duty payments which include transaction prices and information on units sold only until Dec 16.
The URA advised the public to take caution in the interpretation of flash estimates that if the difference of quarterly price changes and actual price changes is small, it can be significant.
Prices of apartments and Singapore condos located in CCR (Core Central Region), RCR (Rest of Central Region) and OCR (Outside Central Region) have experienced declines by 1.3%, 2.8% and 3.1% respectively.
According to the Q4 flash data; there was a 0.9% increase in the prices of landed homes compared to the 2.7% decrease the previous quarter. But overall, Singapore home prices of landed properties dropped by 4.4% in 2016.
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