{"id":118076,"date":"2020-08-04T12:05:08","date_gmt":"2020-08-04T05:05:08","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-prices-to-remain-soft-in-the-coming-months-orangetee\/"},"modified":"2020-08-04T13:05:25","modified_gmt":"2020-08-04T06:05:25","slug":"property-prices-to-remain-soft-in-the-coming-months-orangetee","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-prices-to-remain-soft-in-the-coming-months-orangetee\/","title":{"rendered":"Property prices to remain soft in the coming months, OrangeTee"},"content":{"rendered":"


\nProperty prices are expected to remain soft in the coming months due to escalating tensions and growing economic uncertainties.
\nThe 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 & Tie.
\nUrban Redevelopment Authority (URA) quarterly statistics showed that private home prices rebounded 0.3% quarter-on-quarter in the second quarter of 2020, after declining 1% in the previous quarter. The price hike was led by the non-landed Core Central Region (CCR), which saw a 2.7% increase in prices. Non-landed home prices in the Rest of Central Region (RCR) fell 1.7%, while the Outside of Central Region (OCR) posted a 0.1% increase in prices.
\nFor the first half of 2020, overall prices dipped 0.7%.
\n\u201cWhile the price decline looks like a reminiscent of the 2008 and 1997 economic crises, the price correction did not seem to be as severe as initially feared,\u201d said Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
\n\u201cThe 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
\nShe noted that private home sales in Q2 2020 were adversely affected by the pandemic as well as the stricter safe distancing measures enforced during the circuit breaker period, which also saw show flats closed.
\nIn Q2 2020, the total number of transactions fell 37.6% to 2,664 units, according to URA quarterly real estate statistics. The secondary market posted a bigger quarter-on-quarter drop of 55.1% to 933 units. New home sales, on the other hand, fell 20.3% to 1,713 units.
\n\u201cDespite the fall in new sales, there is sporadic evidence of \u2018green shoots\u2019 in certain areas where buyers were snapping up good bargains at selected new launches,\u201d said Sun.
\n\u201cDemand was also resilient at some luxury projects which continued to draw buying interest from well-heeled locals and foreign investors.\u201d
\nSuggested read:\u00a0Someone Bought A 2M House Without Even Viewing It, Can You Do It Too?
\nNotably, 41 new non-landed homes were transacted above $3 million in Q2 2020, while five new condos were shifted above $10 million, higher than the two units sold in the previous quarter.
\nBased on URA Realis data, new non-landed home prices within the CCR fell 4.5% quarter-on-quarter to a median unit price of $2,365 per sq ft (psf) last quarter, while those in the RCR and CCR rose 2% and 3% quarter-n-quarter, respectively.
\nThe resale market saw non-landed home prices in RCR and OCR dip 0.2% and 0.7%, respectively. Resale condo prices in CCR, however, increased 8.9% to $2,042 psf in Q2 2020 from $1,875 psf in Q1 2020.
\nAlso read:\u00a0Top 10 Most Popular Condos Homebuyers Were Eyeing in July 2020
\nDespite the macroeconomic uncertainty caused by the pandemic, Sun noted that buying interest from locals \u201chelped to keep the private residential market afloat\u201d.
\nURA Realis data showed that Singaporeans accounted for the bulk of non-landed home buyers in Q2 2020, accounting from 80.5%. The figure is the highest since Q1 2009 at 82.5%.
\nForeign buying interest (Singapore PR and non-PR) also remained healthy even with the global lockdowns. Although the number of condos acquired by foreigners fell from last year, triple-digit sales were posted in Q2 2020 as PRs purchased 350 units, while non-PRs bought 120 units.
\n\u201cLast quarter, more than half of the caveats (243 units) of foreign buyers were indicated as \u2018foreign unspecified\u2019 in URA Realis. Of those that reported their nationalities (227 units), 43.2% were Mainland Chinese 98 units, 16.3% were Malaysia (37 units), and 12.8% were Indians (29 units),\u201d noted OrangeTee & Tie.
\nLooking ahead, Sun expects prices to remain soft in the coming months due to escalating tensions and growing economic uncertainties.
\n\u201cWe estimate that overall prices may dip up to 3% this year. Around 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 added.
\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…Property prices to remain soft in the coming months, OrangeTee<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Property prices are expected to remain soft in the coming months due to escalating tensions...<\/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-118076","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-uIs","jetpack-related-posts":[{"id":31967,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-see-biggest-fall-since-2009\/","url_meta":{"origin":118076,"position":0},"title":"Private home prices see biggest fall since 2009","date":"October 28, 2016","format":false,"excerpt":"\r Private residential property prices drop more than expected. Prices of private homes in Singapore fell 1.5 percent in the third quarter of 2016 after declining 0.4 percent in the previous quarter, marking the largest quarterly fall in prices since Q2 2009, according to latest data from the Urban Redevelopment\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31969,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-see-biggest-quarterly-fall-since-2009\/","url_meta":{"origin":118076,"position":1},"title":"Private home prices see biggest quarterly fall since 2009","date":"October 28, 2016","format":false,"excerpt":"\r Private residential property prices drop more than expected. 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The report noted\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111275,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-increase-0-9-in-q3\/","url_meta":{"origin":118076,"position":4},"title":"Private home prices increase 0.9% in Q3","date":"October 2, 2019","format":false,"excerpt":"\r Prices in the core central region (CCR) and rest of central region (RCR) climbed 2.9 percent and 1.6 percent, respectively. Outside central region (OCR) prices inched up by 0.7 percent in Q3 2019. 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