{"id":115346,"date":"2020-04-02T10:41:31","date_gmt":"2020-04-02T03:41:31","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-down-1-2-in-q1-2020\/"},"modified":"2020-04-02T11:11:26","modified_gmt":"2020-04-02T04:11:26","slug":"private-home-prices-down-1-2-in-q1-2020","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-down-1-2-in-q1-2020\/","title":{"rendered":"Private home prices down 1.2% in Q1 2020"},"content":{"rendered":"


\nAfter rising for three consecutive quarters, Singapore\u2019s private residential property prices fell in the first quarter of 2020, due to the impact of Covid-19 on the economy.
\nUrban Redevelopment Authority\u2019s (URA) flash estimates showed that private home prices fell 1.2% quarter-on-quarter in Q1 2020, \u201cgiving back almost half of the 2.7% gain recorded in the full year 2019\u201d, noted Tricia Song, Head of Research for Singapore at Colliers International.
\nThe quarterly drop in prices was across the board, with the landed segment posting a 1.7% quarter-on-quarter drop and the non-landed residential segment a 1.0% decline.
\nAcross the regions, the Core Central Region (CCR) saw prices fall 1.5% quarter-on-quarter in Q1, slower than the 2.8% decline in Q4 2019.
\nSong said the decrease in Q1 non-landed CCR prices \u201ccould be due to selected launches sold at perceived discounts\u201d.
\nThe M, which emerged as the best-selling project in Q1, sold 389 units at a median price of $2,438 per sq ft (psf) during the period under review. This is lower than the $2,934 psf median price achieved at nearby Midtown Bay in Q4 2019.
\nThe 26-unit Enclave at Holland, which was launched since July 2018, moved 14 units in Q1 at a median price of $1,851 psf, down from the earlier prices of units sold at $2,500 to $2,600 psf.
\nHome prices in the Rest of Central Region (RCR) fell 0.5% quarter-on-quarter in Q1, after dropping 1.3% in Q4 2019. The Outside Central Region (OCR) also saw private home prices decline 1.0% quarter-on-quarter, reversing the 2.8% hike seen in Q4 2019.
\nSong noted that transactions tapered off sharply in March from the previous month, as the effects of Covid-19 began to \u201creverberate through the economy and hurt sentiment\u201d.
\n\u201cBased on caveats downloaded on 1 April 2020, developers sold 528 new homes (excluding ECs) in March 2020, down sharply from the 947 units in February. Secondary transactions were also down, at 328 units in March, from 436 units in February,\u201d she said.
\nAnd with GDP contracting -2.2% year-on-year in Q1, authorities also expect the city-state to head into its first recession in two decades, placing 2020 growth at between -4% and -1%.
\nIn view of the economic contraction, Colliers expect private residential prices to decline by 1% to 3% in 2020.
\nHowever, it does not expect prices to \u201cfall as much as the 25% over Q2 2008 to Q2 2009 due to the Global Financial Crisis (GFC) as there were rampant speculation and loose credit prior to the GFC\u201d.
\n\u201cThe nine rounds of property cooling measures in 2009-2018 have reined in speculation and price increases over the past three years were more sustainable, in our opinion,\u201d said Song.
\nColliers expect developers\u2019 sales for this year to fall to 8,000 units, compared to 2019\u2019s 9,912 units.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Private home prices down 1.2% in Q1 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

After rising for three consecutive quarters, Singapore\u2019s private residential property prices fell in the first...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-115346","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-u0q","jetpack-related-posts":[{"id":50819,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/landed-home-prices-drop-2-8-in-q1\/","url_meta":{"origin":115346,"position":0},"title":"Landed home prices drop 2.8% in Q1","date":"April 4, 2017","format":false,"excerpt":"\r Experts believe the latest URA data shows the private residential market is reaching its trough. Private home prices across Singapore fell 0.5 percent in the first quarter of 2017, the same rate of decline as in the previous quarter, according to flash estimates from the Urban Redevelopment Authority (URA).\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/04\/Private-Residential-Property-Price-Index-Q1-2017.jpg?fit=929%2C541&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":120518,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-sector-dominates-investment-sales-for-q2-2021\/","url_meta":{"origin":115346,"position":1},"title":"Residential sector dominates investment sales for Q2 2021","date":"July 14, 2021","format":false,"excerpt":"\r 7,267 units in the residential sector changed hands in Q2 2021. The residential sector accounted for 56% of the total property investment sales at $3 billion. Property investment sales in Singapore increased 15.4% quarter-on-quarter to $5.48 billion in the second quarter of 2021, with the residential sector accounting for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/HDB-flats-in-Ghim-Moh.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":53197,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-down-for-14th-consecutive-quarter\/","url_meta":{"origin":115346,"position":2},"title":"Private home prices down for 14th consecutive quarter","date":"April 28, 2017","format":false,"excerpt":"\r Prices of landed properties registered the largest decline of 1.8 percent in Q1 2017.\u00a0 Prices of private residential properties fell 0.4 percent in Q1 2017, following a 0.5 percent drop in the previous quarter, according to data released on Friday (28 April) by the Urban Redevelopment Authority. This is\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":86792,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-rose-at-faster-pace-in-q1\/","url_meta":{"origin":115346,"position":3},"title":"Private home prices rose at faster pace in Q1","date":"April 30, 2018","format":false,"excerpt":"\r Non-landed home prices across Singapore grew by 4.4 percent compared to a marginal increase of 0.8 percent previously.\u00a0 Private home across Singapore rose by 3.9 percent quarter-on-quarter in Q1 2018, faster than the 0.8 percent increase in the preceding three-month period, according to an updated Property Price Index released\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":125906,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-hdb-resale-prices-rise-at-slower-pace-in-q1-and-more\/","url_meta":{"origin":115346,"position":4},"title":"Private home prices, HDB resale prices rise at slower pace in Q1 and more","date":"April 25, 2022","format":false,"excerpt":"\r 19th April to 25th April 2022 Despite the property cooling measures, private home prices continued to increase in the first quarter of 2022, albeit at a much slower pace of 0.7%. 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