By Fabiana Negrin Ochoa
Property prices in Singapore rose marginally in the third quarter as sales transaction volumes slid sharply, according to flash estimates from the country’s urban planning authority.
The index of private residential property prices rose 0.5% in the third quarter, compared with a 0.2% decline for the previous quarter, the Urban Redevelopment Authority said in a statement Monday.
Landed property prices fell 4.9% during the quarter, swinging from a 1.1% rise in the preceding quarter, the data showed.
Prices of nonlanded properties went in the opposite direction, increasing 2.1% in the third quarter after a 0.6% drop in the prior quarter. The URA said that was due to resilient demand from local owner-occupiers supporting higher prices in certain regions, though this was partly offset by declines in the core central area.
Sale transaction volumes slid about 15% on a quarterly basis and by about 26% from the previous year, the URA said.
The authority compiles its flash estimates using transaction prices given in contracts submitted for stamp-duty payment and figures on units sold by developers. It will update the third-quarter statistics Oct. 27.
Write to Fabiana Negrin Ochoa at [email protected]
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