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Property News27 Jul 2018

Private home prices up 3.4% in Q2, making for 7.3% rise in first half of 2018: URA data

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SINGAPORE - Private residential prices here continued their climb in the second quarter, posting a 3.4 per cent increase that was in line with earlier flash estimates, according to data released by the Urban Redevelopment Authority (URA on Friday (July 27).

This followed a 3.9 per cent jump in the first quarter, meaning private home prices rose by 7.3 per cent in the first half of 2018.

For the second quarter, landed properties led the price rise by increasing by 4.1 per cent, compared with the 1.9 per cent increase in the previous quarter. Prices of non-landed properties rose by 3.2 per cent, compared with the 4.4 per cent increase in the previous quarter.

By location, non-landed Rest of Central Region (RCR) prices increased by 5.6 per cent, compared with the 1.2 per cent rise in the previous quarter. Properties in the Core Central Region (CCR) booked an increase of 0.9 per cent, compared with the 5.5 per cent rise in the previous quarter.

Prices of non-landed properties in Outside Central Region (OCR) climbed 3.0 per cent, compared with the 5.6 per cent increase in the previous quarter.

Private home rentals increased by 1.0 per cent, compared with the 0.3 per cent rise in the previous quarter.

Rentals of landed properties increased by 3.6 per cent, after remaining unchanged in the previous quarter. Rentals of non-landed properties increased by 0.6 per cent, compared with the 0.3 per cent rise in the previous quarter.

The vacancy rate of completed private residential units (excluding ECs) decreased by 0.3 percentage points to 7.1 per cent at end-June.

At the end of the second quarter, there was a total supply of 45,003 uncompleted private residential units (excluding executive condominiums or ECs) in the pipeline with planning approvals, compared with the 40,330 units in the previous quarter.

Of this number, 26,943 units remained unsold as at the end of Q2 2018, up from 23,514 units in the previous quarter.

After adding the supply of 2,518 EC units in the pipeline, there were 47,521 units in the pipeline with planning approvals. Of the EC units in the pipeline, 18 units remained unsold.

In total, 26,961 units with planning approvals (including ECs) remained unsold, up from 24,193 units in the previous quarter.

Source: The Straits Times
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