Private Home Prices On Downward Trend For 11 Consecutive Quarters
Prices of private homes in Singapore have fallen 11 quarters in a row, based on flash estimates released this morning by the Urban Redevelopment Authority (URA).
The overall decrease of 0.4% in the second quarter for 2016 (2Q16) was led by a 1.3% decline in landed property prices, and 0.7% drop in prices for non-landed private properties located in the Outside Central Region (OCR).
Prices of non-landed private residential properties in the Core Central Region (CCR) rose by 0.2% in 2Q16. This region includes areas in Districts 9, 10 and 11, Sentosa and Downtown Core Planning Area.
Prices of non-landed private homes in the Rest of Central Region (RCR) which include areas likeQueenstown, Bishan, Geylang and Toa Payoh saw a rise of 0.3%.
The local private residential prices have posed the longest period of decline in almost two decades. Market sentiments on the overall residential property market outlook is expected to remain weak, given the existing property cooling measures and uncertain economic outlook.
More details on the housing data for 2Q16 will be updated by URA 4 weeks later.
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