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URA releases flash estimate of 2nd Quarter 2015 private residential property price index

  Published: 01 July 2015

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 2nd Quarter 2015 today.

The overall private residential property index fell by 0.9%, compared to the 1.0% decline in the previous quarter. This is the seventh continuous quarter of price decrease (see Annex A [PDF, 13kb]) .

Prices of non-landed private residential properties declined in all market segments. In Core Central Region (CCR), prices fell 0.5%, higher than the 0.4% decline in the previous quarter. Prices in Rest of Central Region (RCR) fell 0.5%, compared to the 1.7% decline in the previous quarter. In Outside Central Region (OCR), prices fell 1.2%, higher than the 1.1% decline in the previous quarter (see Annex B [PDF, 13kb]).

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and survey data on new units sold by developers during the first ten weeks of the quarter. The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 2nd Quarter 2015, which captures more data from the stamp duty records 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.

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