Just recently, the Urban Redevelopment Authority released their preliminary numbers regarding the Singapore private home outlook for the Third Quarter of 2014. These statistics are based on actual transactions that took place in the first ten weeks of the Third Quarter, as well as surveys regarding new sales made by property developers. These are of course just the preliminary estimates; the data will be updated in the next few weeks to include new projects.
Price Index – Overview
It appears that the property index decreased once again, and for the fourth quarter in a row. Prices have in fact waned in all market segments. A drop from 209.4 to 208.1 points has been noted between the Second and Third Quarters. This is a 0.6% decrease, which is smaller than the 1.0% gap between the First and Second Quarters.
The decrease is most notable in the Core Central Region, with a 0.9 percent dip. The Outside Central Region meanwhile experienced a 0.2% drop. Prices of city-fringe residences in the Rest of Central Region meanwhile did not decrease as significantly, showing only a 0.1% movement.
Non-landed residential properties decreased in price, particularly in the CCR, OCR, and the RCR. In the CCR, the number went down by 0.8%, which is significantly less than last quarter’s 1.5%. The OCR saw a 0.3% decline, following the 0.9% from last time. Rates are the most static in the RCR, maintaining a 0.4% decrease.
Comparing the figures for the First and Second Quarters, there’s a steady decline in both the CCR (from a 1.1% decrease to 1.5%) and the RCR (from 3.3% to 0.4%,), and a marked difference in the OCR (previously 0.1%, now 0.9%)
Prices are also on a steady decline for landed properties, with a 1.7% drop unchanged from the 1.7% decline from the last quarter.
Looking Back at the Figures for the Second Quarter:
New Launches and Sales
Excluding Executive condominiums, there were 1,294 new homes yet to be completed and sold as of the Second Quarter of this year, and there were 1,531 sales. The numbers are lower compared to the last period, which tallied 2,843 uncompleted units up for sale and 2,665 sold.
As for Executive Condominiums, no new ones were launched, although. 162 units were sold. This is a slight increase from the previous quarter’s 154 EC sales.
Of all sales in the Second Quarter, 31.9% of them were resales. The percentage of resold property decreased from the last quarter, in which only 33.5% were resales.
However, when it comes down to the numbers, the Second Quarter witnessed less resales – 1,314 in all. This is higher than the Second Quarter, which had 941.
Sub-sales currently comprise 3.4% of all sale transactions, though they made up 4.6% in the last quarter. The number of sub-sales went down from 139 to 128.
In reading this information, keep in mind that the difference in the flash estimates and the actual figures can be significant; so please apply your good judgment in handling the data. The final and official statistics will be made available by the end of October.
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