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Although prices normally rise for 8.7 quarters, global headwinds could suggest shorter growth. The rise in residential property prices based on the Urban Redevelopment Authority’s (URA) index is projected to most likely last until Q3 2020, according to Savills Research.
“Although studies have shown that the up-leg of our price cycle tends to last 8.7 quarters, but with the global headwinds driven by social and political tensions, it may be better to err on the side of caution and choose a shorter time frame of 6 quarters as the base case,” the report wrote.
According to URA, private home prices grew a second time by 1.3% in Q3, moderating from 1.5% in the previous quarter, which Knight Frank attributed to new sales.
Savills added that if a downturn in prices occurred before the quarter, it may have been caused by an event different from the factors that have historically affected the market.
Savills recommended to leave the current private residential market “unperturbed” and not resort to further cooling measures despite the economic conditions.
It noted that the sales volume were largely concentrated amongst the smaller-sized units, with over a third or 34.8% of new sold units in the first nine months of 2019 sized 600-800sqft, as most Singaporeans have budgets less than $1.5m. However, attempts by developers to cut the prices for larger units will cause prices on a per-sqft basis to drop sharply.
For instance, equating the price quantum of an 880sqft apartment to an 800sqft unit will cause prices to fall 9.1%.
Real estate related news stories from Singapore
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- The Arcade up for 2nd collective sale with lower price of $780 million
- Property agent fakes offers, gets $30,000 fine and 12-month suspension
- CDLHT and Ascott Reit to gain from divestments to Liang Court developers: analyst
- Chart of the Day: Tiny condo units took up 80% of new sales in Q3
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- Chinese buyers in Philippines take a breather after long sprint
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