SINGAPORE – Private home prices rose 1.5 per cent in the second quarter of this year after a 0.7 per cent decline in the previous quarter, lifted by non-landed properties in prime and city-fringe locations, according to data released by the Urban Redevelopment Authority (URA) on Friday (July 26).
The increase was higher than URA’s earlier estimate of a 1.3 per cent rise and reverses two previous quarters of declines.
Prices of landed properties dipped by 0.1 per cent in the second quarter, compared to a 1.1 per cent increase in the previous quarter.
However, prices of non-landed properties in the the core central region (CCR) were up 2.3 per cent in Q2, versus a 3 per cent decline in the previous quarter. Prices of non-landed homes in the rest of central region (RCR) rose by 3.5 per cent, in comparison to a 0.7 per cent decrease in the previous quarter. Meanwhile, prices of non-landed properties in outside the central region (OCR) edged up 0.4 per cent, versus a 0.2 per cent increase in the previous quarter.
Meanwhile, private home rents increased 1.3 per cent in the second quarter, up from one per cent in the previous quarter. The vacancy rate edged up 0.1 percentage point to 6.4 per cent.
During the second quarter, developers launched 2,502 uncompleted private homes (excluding executive condominiums or ECs) for sale, less than the 2,989 units launched in Q1. In the quarter under review, they sold 2,350 homes, more than the 1,838 units sold in the previous quarter. No EC units were launched for sale in Q2, but developers did sell 10 EC units from previous launches over the period.
There were 2,371 resale transactions in Q2, which made up nearly half of all sale transactions. In comparison, 1,858 resale units were transacted in the previous quarter.
As at the end of the second quarter, there was a total supply of 50,674 uncompleted private homes (excluding ECs) in the pipeline with planning approvals. Of this, 33,673 units remained unsold as at the end of the second quarter. The supply of EC units in the pipeline stood at 3,022, of which 1,865 EC units remained unsold.