Private home prices slipped 0.1% in 2Q2017

Prices of private residential properties decreased by 0.1% in 2Q2017, compared with a 0.4% decline in 1Q2017, according to data released by the URA today.

For non-landed properties, prices declined by 0.1% in 2Q2017, after remaining unchanged 1Q2017. Rent for non-landed properties fell by 0.2% in 2Q2017, compared to a 0.7% decline in 1Q2017.

In 2Q2017, prices of private non-landed houses in the Core Central Region (CCR) fell by 0.5%, compared with the 0.4% decline in 1Q2017. In the Rest of Central Region (RCR), prices rose by 0.6% in 2Q2017, compared with a 0.3% increase in the previous quarter. In the Outside Central Region (OCR), prices decreased by 0.3% in 2Q2017, compared to an increase of 0.1% in the previous quarter.

Prices of landed properties declined by 0.3% in 2Q2017, compared with a 1.8% decrease in 1Q2017.

Source: URA

Rent for non-landed properties in the CCR, rents increase by 0.1%, compared to a 0.7% decline in 1Q2017. In the RCR, rent fell by 0.4% in 2Q2017, a smaller decline than the 1.2% in 1Q2017. Rent fell by 0.6% in the OCR in 2Q2017, after a 0.4% increase in 1Q2017.

As at end-2Q2017, the vacancy rate of completed private residential units (excluding ECs) remained unchanged at 8.1%, from 1Q2017.

Source: URA

Developers launched 2,011 uncompleted private residential units (excluding Executive Condominiums) for sale, and sold 3,077 units in 2Q2017, compared with 1,949 units launched and 2,962 units sold in 1Q2017. In the EC segment, developers did not launch any units for sale in 2Q2017. 954 EC units were sold by developers in 2Q2017, compared with the 1,024 EC units launched and 1,072 units sold in 1Q2027.

In the resale market, there were 3,698 transactions in 2Q2017, up from 2,170 transactions in 1Q2017. There were 130 sub-sale transactions in 2Q2017, compared with 70 1Q2017.

As at end-2Q2017, there is a total supply of 35,4233 uncompleted private residential units (excluding ECs) in the pipeline, with 5,085 units remaining unsold. In the EC segment, there are 7,779 units in the pipeline, with 2,742 EC units remaining unsold.