URA releases flash estimate of 4th Quarter 2017 private residential property price index

  Published: 02 January 2018

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 4th Quarter 2017 today.

Overall, the private residential property index increased 1.0 point from 137.6 points in 3rd Quarter 2017 to 138.6 points in 4th Quarter 2017. This represents an increase of 0.7%, same as the 0.7% increase in the previous quarter (see Annex A [PDF, 13kb] and Annex B [PDF, 11kb]). For the whole of 2017, prices have increased by 1.0%, compared with the 3.1% decline in 2016.

Prices of non-landed private residential properties increased by 1.6% in Core Central Region (CCR), compared to the 0.1% increase in the previous quarter. Prices in the Rest of Central Region (RCR) increased by 0.2%, after registering an increase of 0.5% in the previous quarter. Prices in Outside Central Region (OCR) increased by 0.6%, after registering a 0.8% increase in the previous quarter (see Annex C [PDF, 12kb]). For the whole of 2017, prices in CCR, RCR and OCR have increased by 0.8%, 1.6% and 1.2% respectively.

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-December. The statistics will be updated on 26 January 2018 when URA releases its full set of real estate statistics for 4th 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.