The Urban Redevelopment Authority releases flash estimates of Singapore real estate market
If you have a Singapore property investment, you better watch out as Singapore landed property prices dropped 2.8% during the first quarter of 2017.
The humble skyline of Bugis Street Shopping District in Singapore
Urban Redevelopment Authority (URA) estimated that the prices for private homes fell 0.5% during the first quarter of 2017, the same rate of decline as in the last quarter of 2016. The private residential property index fell from 137.2 from the previous quarter to 136.5 currently.
Desmond Sim, head of the CBRE Singapore real estate services, said in an interview that he believes that the Singapore property market prices will stabilise soon. Sim also believes these occasional blips in the market prices are normal and that it’s more important to look at the wider scope of real estate trends.
Meanwhile, non-landed property prices remained the same after declining for 13 quarters. Ong Teck Hui, Jones Lang LaSalle’s national director of research, said this was mainly due to the success of non-landed Singapore property in the suburbs such as the Clement Canopy and Grandeur Park Residences.
Furthermore, URA said these flash estimates were based on transaction prices submitted for stamp duty payment and data on units sold until mid-March 2017. Full Singapore real estate market statistics will be released in another four weeks.
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