{"id":117472,"date":"2020-07-01T11:19:49","date_gmt":"2020-07-01T04:19:49","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-prices-drop-1-1-in-q2\/"},"modified":"2020-07-01T12:03:48","modified_gmt":"2020-07-01T05:03:48","slug":"singapore-private-home-prices-drop-1-1-in-q2","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-prices-drop-1-1-in-q2\/","title":{"rendered":"Singapore private home prices drop 1.1% in Q2"},"content":{"rendered":"


\nFlash estimate\u00a0from the Urban Redevelopment Authority (URA) showed that the private residential property index fell 1.1% in Q2 2020.\u00a0
\nThe COVID-19 pandemic has continued to affect the Singapore housing market as private home prices fell for a second consecutive quarter.
\nFlash estimate from the Urban Redevelopment Authority (URA) showed that the private residential property index fell 1.1% in the second quarter of 2020, following a 1% decline seen in the previous quarter.
\nURA revealed that prices of non-landed homes within the Core Central Region (CCR) slipped 0.1% in Q2, an improvement from Q1\u2019s 2.2% decline. The Rest of Central Region (RCR) saw prices fall 1.9%, a bigger decline compared to the previous quarter\u2019s 0.5% decrease.
\nPrices within the Outside Central Region, on the other hand, remained unchanged after registering a 0.4% decline in Q1.
\n\u201cLast quarter, show flats were closed while house viewings were barred during the Circuit Breaker period. As a result, buyer demand was suppressed which will inevitably have a negative impact on home prices,\u201d said Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
\n\u201cHowever, it could be too early to conclude that this is the beginning of a sustained period of price declines. We should be cautious in interpreting the price dips in a volatile market, particularly when sales volume is low.\u201d
\nURA caveat data showed that the number of resale transactions in Q2 2020 is around a quarter of what was sold over the same period last year. The number of new home sales transacted last quarter is also around 50% of what was sold in Q2 2019, noted OrangeTee & Tie.
\n\u201cThere is sporadic evidence of \u2018green shoots\u2019 in certain market segments and some buyers were snapping up relatively good bargains in the market over the past few weeks. Therefore, the prices trends could be distorted by some of these properties or special priced units,\u201d said Sun.
\n\u201cWe should observe the property market for a few more quarters to ascertain if prices have bottomed.\u201d
\nWith this, Sun expects home prices to remain soft in the coming months considering the macroeconomic uncertainties. For the full year, she expects private home prices to drop by 3% to 5%.
\n\u00a0
\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…Singapore private home prices drop 1.1% in Q2<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Flash estimate\u00a0from the Urban Redevelopment Authority (URA) showed that the private residential property index fell...<\/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-117472","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-uyI","jetpack-related-posts":[{"id":28301,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-down-1-5-in-q3\/","url_meta":{"origin":117472,"position":0},"title":"Private home prices down 1.5% in Q3","date":"October 3, 2016","format":false,"excerpt":"\r Prices of private housing units in Singapore are still falling.\u00a0 The private residential property price index fell 2.1 points to 137.9 in the third quarter of 2016 from 140.0 points in the previous quarter, according to the Urban Redevelopment Authority\u2019s (URA) flash estimates released on Monday (3 October). This\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122757,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-up-1-1-in-q3\/","url_meta":{"origin":117472,"position":1},"title":"Private home prices up 1.1% in Q3","date":"October 22, 2021","format":false,"excerpt":"\r Quarter-on-quarter, private home prices\u00a0went up by\u00a01.1% and resale transactions increased to 5,362 units from 5,333 units. 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The report noted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":98876,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-rise-at-slower-pace\/","url_meta":{"origin":117472,"position":3},"title":"Private home prices rise at slower pace","date":"October 1, 2018","format":false,"excerpt":"\r Price growth in the private residential market slowed to 0.5% compared to the 3.4% increase in Q2 2018. 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