{"id":117942,"date":"2020-07-24T11:54:37","date_gmt":"2020-07-24T04:54:37","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-prices-up-0-3-in-q2-2020\/"},"modified":"2020-07-24T12:04:35","modified_gmt":"2020-07-24T05:04:35","slug":"singapore-private-home-prices-up-0-3-in-q2-2020","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-prices-up-0-3-in-q2-2020\/","title":{"rendered":"Singapore private home prices up 0.3% in Q2 2020"},"content":{"rendered":"


\nPrivate home prices in Singapore rebounded 0.3% quarter-on-quarter in the second quarter of 2020.\u00a0
\nPrivate home prices in Singapore rebounded 0.3% quarter-on-quarter in the second quarter of 2020, following a 1% decline in the previous quarter, revealed the latest report from the Urban Redevelopment Authority (URA).
\nThe report noted that landed property prices remained unchanged in Q2 2020, versus the 0.9% decrease registered in Q1 2020. Non-landed property prices, on the other hand, increased 0.4%, reversing the 1% drop posted in the previous quarter.
\nThe Core Central Region (CCR) saw non-landed property prices increase 2.7% in Q2 2020, after falling 2.2% in Q1 2020.
\nPrices of non-landed properties within the Rest of Central Region (RCR) decreased 1.7%, steeper than the 0.5% drop in the previous quarter.
\nThe Outside Central Region (OCR) posted a 0.1% increase in non-landed property prices, compared with the 0.4% decline in Q1 2020.
\nFor the first half of 2020, overall prices dipped 0.7%, about six months after the onset of COVID-19 in Singapore.
\nChristine Sun, Head of Research and Consultancy at OrangeTee noted that while the price decline in 1H 2020 appears to be reminiscent of the 2008 and 1997 economic crises, \u201cthe present correction did not seem to be as severe as initially feared\u201d.
\n\u201cComparatively the URA price index dipped 4.6% from Q2 to Q4 1996, around six months into the Asian Financial Crisis. Prices had similarly declined 8.3% from Q2 to Q4 2008 during the first six-months of the Global Financial Crisis,\u201d she said.
\nShe added that the COVID-19 pandemic and stricter safe distancing measures enforced during the circuit breaker period in April and May \u2013 during which show flats were closed \u2013 adversely affected private home sales in Q2 2020.
\nURA quarterly real estate statistics showed that the total number of transactions fell 37.6% to 2,664 units in Q2 2020, or its third consecutive quarterly drop since Q3 2019 when 5,763 units were transacted.
\nTransactions within the secondary market declined 55.1% to 933 units in Q2 2020, while new home sales fell 20.3% to 1,713 units.
\nMeanwhile, the overall rental index dropped 1.2% quarter-on-quarter and 1.1% year-on-year.
\n\u201cThe bulk of the rental volume seems to be renewals since new foreign ex-pats were not able to enter Singapore during the Circuit Breaker period,\u201d said Christine.
\nRead also:\u00a0Following COVID-19, Where Is The Singapore Rental Market Headed?
\nMany tenants also chose to renew their contracts \u201cto avoid the hassle of scouting for new housing\u201d, while some found it hard to arrange house movers during that period.
\nMore Singaporeans were also seen renting apartments in recent weeks. Some were singles wanting to enjoy greater privacy while others \u201cneeded a more conducive environment to work from home\u201d.
\nOrangeTee believes that Singapore\u2019s property market will continue to be propped up by domestic demand.
\nURA Realis data on 24 July showed that Singaporeans accounted for 80.4% of non-landed home buyers. The figure is the highest proportion achieved since Q1 2009 at 82.5%.
\nDespite the global lockdowns, foreign buying interest (Singapore PR and non-PR) in Singapore remained healthy.
\n\u201cWhile the number of condos bought by foreigners slipped when compared to last year, triple-digit sales were inked last quarter as 348 units were bought by PRs and 121 units by non-PRs,\u201d said Christine.
\nMore than 50% (250 units) of the caveats of foreign buyers in Q2 2020 were indicated as \u2018foreign unspecified\u2019 in URA Realis. Of those that provided their nationalities, 44.3% were Mainland Chinese, 15.5% were Malaysians and 11.9% were Indians.
\nGiven the escalating tensions and growing economic uncertainties, OrangeTee expects overall prices to drop by up to 5% this year, with about 14,500 to 16,800 private homes transacted.
\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 up 0.3% in Q2 2020<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Private home prices in Singapore rebounded 0.3% quarter-on-quarter in the second quarter of 2020.\u00a0 Private...<\/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-117942","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-uGi","jetpack-related-posts":[{"id":120572,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-hdb-resale-prices-continue-to-increase-in-q2-2021\/","url_meta":{"origin":117942,"position":0},"title":"Private home prices, HDB resale prices continue to increase in Q2 2021","date":"July 1, 2021","format":false,"excerpt":"\r Private home prices, HDB resale prices continue to increase in Q2 2021Private home prices and HDB resale prices continue to increase in the second quarter of 2021, showed the URA and HDB flash estimates.\u00a0 Singapore saw private home prices and HDB resale prices continue to increase in the second\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/HDB-MRT-station.jpg?fit=819%2C410&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":117942,"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":118076,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-prices-to-remain-soft-in-the-coming-months-orangetee\/","url_meta":{"origin":117942,"position":2},"title":"Property prices to remain soft in the coming months, OrangeTee","date":"August 4, 2020","format":false,"excerpt":"\r Property prices are expected to remain soft in the coming months due to escalating tensions and growing economic uncertainties. The future of Singapore\u2019s property market remains uncertain and a full recovery may take a while, given the evolving COVID-19 pandemic and the impending macroeconomic crisis, according to OrangeTee &\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":62064,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-fall-0-1-in-q2-smallest-decline-in-15-quarters\/","url_meta":{"origin":117942,"position":3},"title":"Private home prices fall 0.1% in Q2, smallest decline in 15 quarters","date":"July 28, 2017","format":false,"excerpt":"\r The private housing market seems to be turning a corner, data shows. Private home prices fell by a marginal 0.1 percent in the second quarter of 2017, compared with the 0.4 percent drop in the previous three-month period, according to latest statistics released by the Urban Redevelopment Authority on\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":117472,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-private-home-prices-drop-1-1-in-q2\/","url_meta":{"origin":117942,"position":4},"title":"Singapore private home prices drop 1.1% in Q2","date":"July 1, 2020","format":false,"excerpt":"\r Flash estimate\u00a0from the Urban Redevelopment Authority (URA) showed that the private residential property index fell 1.1% in Q2 2020.\u00a0 The COVID-19 pandemic has continued to affect the Singapore housing market as private home prices fell for a second consecutive quarter. Flash estimate from the Urban Redevelopment Authority (URA) showed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":118028,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-investment-sales-muted-in-q2-2020-but-buying-activity-to-increase-edmund-tie\/","url_meta":{"origin":117942,"position":5},"title":"Residential investment sales muted in Q2 2020, but buying activity to increase : Edmund Tie","date":"July 30, 2020","format":false,"excerpt":"\r Despite a muted market, the real estate consulting firm expects buying activity to increase, with new projects launching in the second half of 2020. The resale market is also expected to see stronger sales as viewings resume.\u00a0 Residential investment sales in Singapore were muted during the second quarter of\u2026","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\/117942"}],"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=117942"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/117942\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=117942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=117942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=117942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}