Singapore’s Urban Development Authority reported a slight 0.1% slip in overall property prices in the country, compounding a series of incremental decreases in the typical increase of prices for property in the region in the last nine consecutive quarters. Compared to more troubled markets this is hardly more than a hiccup, particularly considering the extraordinary cost of units in Singapore. Experts refer to “lower-priced units” as those selling for less than $750,000, which have accounted for the lion’s share of sold units in the first quarter of 2012. For more on this continue reading the following article from Property Wire.
Residential property prices in Singapore fell slightly by 0.1% in the first three months of 2012, according to the latest figures published by the Urban Redevelopment Authority (URA).
This compares with a 0.2% increase in the previous quarter and is the first quarterly fall in prices since the second quarter 2009, following nine consecutive quarters of declining price increases.
Prices of non landed properties in Core Central Region (CCR) and Rest of Central Region (RCR) both fell by 0.6% compared with the 0.5% and 0.1% increased respectively in the previous quarter.
For Outside Central Region (OCR), prices increased by 1.1% in the first quarter 2012, compared with an increase of 0.6% in the previous quarter.
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Rentals of private residential properties registered a lower rate of increase compared to the previous quarter. Rentals increased by 0.3%, less than the 0.4% increase in the previous quarter.
It means that the rate of increase in rentals has been slowing for three consecutive quarters, since the third quarter of 2011.
The data also shows that a total of 6,903 uncompleted private residential units were launched for sale by developers in the first three months of 2012, compared with 4,105 units in the previous quarter.
Some 6,458 uncompleted private residential units were sold by developers in the first quarter of quarter 2012, compared with 3,525 units in the previous quarter. Take up of so called shoe box units, that is property smaller than 50 square meters, accounted for 27% of new sales in the quarter.
Lower priced units less than $750,000 accounted for 42% of new sales, much higher than the 25% in the last quarter of 2011. Overall, many of these units are located in the suburbs, as 82% of the new units sold by developers were from OCR in the first quarter of 2012.
This article was republished with permission from Property Wire.