{"id":115830,"date":"2020-04-24T12:05:42","date_gmt":"2020-04-24T05:05:42","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-down-1-in-q1-2020\/"},"modified":"2020-04-24T12:22:58","modified_gmt":"2020-04-24T05:22:58","slug":"private-home-prices-down-1-in-q1-2020","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-down-1-in-q1-2020\/","title":{"rendered":"Private home prices down 1% in Q1 2020"},"content":{"rendered":"


\nProperty sales were generally muted as well with lockdowns imposed around the world and stricter safe distancing measures.
\nAfter rising for three consecutive quarters, prices of private residential properties in Singapore fell 1% in the first quarter of 2020, showed Urban Redevelopment Authority (URA) data on Friday (24 April).
\nOn a year-on-year comparison, prices have increased by 2.4%.
\n\u201cSingapore\u2019s property market recovery came to an abrupt halt amid the global pandemic and growing macroeconomic uncertainties,\u201d said Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
\nBut while prices slipped in Q1 at the onset of the pandemic, the \u201cmagnitude of decline was not as severe as what was observed during the early stages of past crises\u201d.
\n\u201cFor instance, around the initial phase of the Asian Financial Crisis, the first quarterly decline of 1.9% was recorded in Q3 1996, while prices dipped 2.4% in Q3 2008 at the start of the Global Financial Crisis,\u201d she said.
\nThe price decline in Q1 was led by the Core Central Region (CCR) where prices dropped 2.2% quarter-on-quarter. The Rest of Central Region (RCR) and the Outside of Central Region (OCR) saw prices drop 0.5% and 0.4%, respectively.
\nSun attributed the steeper price fall within the CCR to a higher proportion of high-end homes sold below $2 million, which rose to 58.4% in Q1 2020 from 40.4% in the previous quarter.
\nProperty sales were generally muted as well with lockdowns imposed around the world and stricter safe distancing measures. Foreign countries could not enter Singapore while showflats were closed and house viewings were postponed.
\n\u201cTherefore, it is of no surprise that overall sales volume declined 12.5 per cent from 4,878 units in Q4 2019 to 4,269 units in Q1 2020,\u201d Sun noted.
\nSale transactions in the resale market have also been lagging behind since the July 2018 cooling measures. Resale property sellers have also faced strong competition developers who have been marketing their new projects aggressively. Things have also become more difficult for resale sellers in this circuit breaker measures as no house viewings are allowed.
\nOverall, 2,080 resale homes were sold last quarter, fewer than the 2,149 new homes that were transacted over the same period.\u00a0
\nMeanwhile, private rental volume increased 2.4% to 21,191 units in Q1 2020 from 20,703 units in Q4 2019. Sun attributed this to an increase in rental renewals as a result of foreign workers who required immediate lodging prior to the circuit breaker measures as well as the lockdown imposed by Malaysia. Many tenants were also reluctant to scout around for alternate housing to minimise the possibility of catching the virus.
\nWith this, rents for private homes climbed 1.1%, while occupancy rate marginally improved to 94.6%.
\nLee Sze Teck, Director of Research at Huttons Asia, does not expect the hike to continue as the employment conditions within the city-state is expected to worsen over the next few quarters despite government support.
\nLooking ahead, Sun expects private home prices to decline by up to 4% this year if the pandemic persist.
\n\u201cAround 14,500 to 16,800 private homes could be transacted this year, of which new home sales may constitute around 7,500 to 8,500 units,\u201d she said.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Private home prices down 1% in Q1 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Property sales were generally muted as well with lockdowns imposed around the world and stricter...<\/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-115830","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-u8e","jetpack-related-posts":[{"id":116101,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-not-to-correct-excessively\/","url_meta":{"origin":115830,"position":0},"title":"HDB resale prices not to \u201ccorrect excessively\u201d","date":"May 6, 2020","format":false,"excerpt":"\r OrangeTee & Tie\u00a0expects property sales to \u201cpick up speed and regain some momentum when the crisis subsides and safe distancing measures are gradually eased\u201d.\u00a0 While housing demand may ease should the Covid-19 pandemic persist, OrangeTee & Tie does not expect resale prices of Housing and Development Board (HDB) flats\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":121031,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-hdb-resale-prices-increase-for-fifth-consecutive-quarter\/","url_meta":{"origin":115830,"position":1},"title":"Private home, HDB resale prices increase for fifth consecutive quarter","date":"July 23, 2021","format":false,"excerpt":"\r Private home and resale flat prices have continued to climb for the fifth straight quarter, as demand for properties continued to be strong in Q2 2021 despite the Phase 2 (Heightened Alert) measures.\u00a0 Singapore\u2019s housing market has continued to remain resilient amid the COVID-19 pandemic, with private home prices\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/Singapore-condo.original.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":117476,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hdb-resale-prices-climb-0-2-in-q2\/","url_meta":{"origin":115830,"position":2},"title":"HDB resale prices climb 0.2% in Q2","date":"July 1, 2020","format":false,"excerpt":"\r HDB flash estimates showed that the resale price index increased by 0.2% in Q2 2020, after staying flat in Q1 2020. Whilst the COVID-19 pandemic has affected property prices in the private market, resale prices of HDB flats remained relatively stable in the last two quarters. HDB flash estimates\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116043,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/sales-of-luxury-condo-rose-72-in-q1-despite-market-uncertainties\/","url_meta":{"origin":115830,"position":3},"title":"Sales of luxury condo rose 72% in Q1 despite market uncertainties","date":"May 4, 2020","format":false,"excerpt":"\r OrangeTee & Tie attributed the stellar sales to the new sale segment where 554 new luxury condominiums were sold in Q1 2020. Singapore\u2019s luxury home segment defied the odds of the current market uncertainties, with sales of non-landed luxury homes surging 72% year-on-year to 965 units in the first\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115604,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-sector-dominates-investment-sales-in-q1-2020\/","url_meta":{"origin":115830,"position":4},"title":"Residential sector dominates investment sales in Q1 2020","date":"April 14, 2020","format":false,"excerpt":"\r Cushman & Wakefield attributed the surge in volume to the award of various residential Government Land Sales sites in Q1 2020.\u00a0 Singapore saw property investment volume remain muted in the first quarter of 2020 at $3.02 billion, down 37% from the previous quarter, revealed Cushman & Wakefield. The residential\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118837,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/house-prices-in-herault-q1-2020\/","url_meta":{"origin":115830,"position":5},"title":"House Prices in Herault Q1 2020","date":"October 6, 2020","format":false,"excerpt":"\r The notaires have recently published a review of the housing market in the H\u00e9rault department of Occitanie.\r \r Source : french-property.com\r Read more...House Prices in Herault Q1 2020","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115830"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=115830"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/115830\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=115830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=115830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=115830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}