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URA releases flash estimate of 2nd Quarter 2017 private residential property price index

  Published: 03 July 2017

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 2nd Quarter 2017 today.

Overall, the private residential property index fell 0.4 point from 136.7 points in 1st Quarter 2017 to 136.3 points in 2nd Quarter 2017. This represents a decline of 0.3%, compared with the 0.4% decline in the previous quarter (see Annex A [PDF, 165kb] and Annex B [PDF, 11kb]).

Prices of non-landed private residential properties fell by 0.9% in Core Central Region (CCR), compared to the 0.4% fall in the previous quarter. Prices in the Rest of Central Region (RCR) increased by 0.5%, after registering an increase of 0.3% in the previous quarter. Prices in Outside Central Region (OCR) decreased by 0.4%, after registering a 0.1% increase in the previous quarter (see Annex C [PDF, 12kb]). Meanwhile, prices of landed residential properties fell by 0.4%, compared to the 1.8% decrease in the previous quarter.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-June. The statistics will be updated on 28 July when URA releases the full real estate statistics for 2nd Quarter 2017. 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.