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URA releases flash estimate of 1st Quarter 2016 private residential property price index

  Published: 01 April 2016

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 1st Quarter 2016 today.

Overall, the private residential property index fell 1.0 point from 141.6 points in 4th Quarter 2015 to 140.6 points in 1st Quarter 2016. This represents a decline of 0.7%, compared with the 0.5% decline in the previous quarter (see Annex A [PDF, 164kb] and Annex B [PDF, 13kb]).

Prices of non-landed private residential properties rose by 0.4% in Core Central Region (CCR), compared with the 0.3% decline in the previous quarter. Prices in Rest of Central Region (RCR) declined by 0.4%, the same rate of change as in the previous quarter.  Prices in Outside Central Region (OCR) declined by 0.9%, after registering no change in the previous quarter (see Annex C [PDF, 13kb]).  

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on new units sold by developers up till mid-March. The statistics will be updated 4 weeks later when URA releases the full real estate statistics for 1st Quarter 2016, 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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