Singapore private home prices up 0.3% in Q4, 2.5% for 2019: URA flash data | / Property news / Singapore private home prices up 0.3% in Q4, 2.5% for 2019: URA flash data

Singapore private home prices up 0.3% in Q4, 2.5% for 2019: URA flash data

Fresh property news selection on January 02. 2020, Thursday.

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Private home prices in Singapore rose for the third consecutive quarter in 2019, as the Urban Redevelopment Authority's (URA) flash estimate for the fourth quarter of 2019 shows that its overall price index for private homes was up 0.3 per cent over the prior quarter.

For 2019 as a whole, prices were 2.5 per cent higher, versus the 7.9 per cent rise seen in 2018, according to the URA flash data released on Thursday morning.

In the third quarter of 2019, the overall price index for private homes was up 1.3 per cent.

Christine Li, Cushman & Wakefield's head of research for Singapore and South-east Asia, pointed out that prices rose by a much smaller margin in 2019 vis-a-vis 2018. She said: "This further strengthens the notion that there is no excessive exuberance in the Singapore residential market and prices are likely to stay in line with economic fundamentals and affordability. As such, there is no need for the government to intervene at this juncture, as the market is finding its own equilibrium."

Meanwhile, price increases of non-landed private homes varied by region in the fourth quarter. Prices of non-landed private residential properties in the core central region (CCR) fell by 3.7 per cent, versus a 2 per cent increase in the previous quarter.

In the rest of central region (RCR), prices fell by 1.4 per cent, after chalking up a gain of 1.3 per cent in the previous quarter.

Prices in outside central region (OCR) bucked the trend by going up 2.9 per cent, compared to a 0.8 per cent increase in the preceding quarter.

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