The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 3rd Quarter 2014 today.
Overall, the private residential property index fell 1.3 points from 209.4 points in 2nd Quarter 2014 to 208.1 points in 3rd Quarter 2014. This represents a decline of 0.6%, compared to the 1.0% decline in the previous quarter. This is the fourth continuous quarter of price decrease (see Annex A).
Prices of non-landed private residential properties declined in all market segments. In Core Central Region, prices fell 0.9%, compared to the 1.5% decline in the previous quarter. Prices in Outside Central Region fell 0.2%, compared to the 0.9% decline in the previous quarter. In Rest of Central Region, prices fell 0.1%, compared to the 0.4% decline in the previous quarter (see Annex B). Prices of landed properties fell 1.7%, following the 1.7% decline in the previous quarter.
The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter, supplemented by survey data on new units sold by developers in the quarter. The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 3rd Quarter 2014, which captures more data on the caveats lodged and the take-up of new projects. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.