Wonder how is the Singapore private residential property market amid COVID-19?
The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 1st Quarter 2020. Home prices in Singapore in the first quarter of 2020 fell 1.2% from the previous quarter.
What are the implications of URA’s Flash Estimate:
- This reverses the 0.5% increase seen in October to December last year
- It is the first quarterly decline after three consecutive quarterly increases.
Changes in the Prices of Non-Landed Private Residential Properties:
- Core Central Region (CCR) decreased by 1.5%, compared to the 2.8% decrease in the previous quarter.
- Rest of Central Region (RCR): decreased by 0.5% compared to the 1.3% decrease in the previous quarter.
- Outside Central Region (OCR) decreased by 1%, compared to the 2.8% increase in the previous quarter
For landed properties, prices decreased by 1.7%, reversing the 3.6% increase in the previous quarter.
What could we expect on Singapore’s property prices in the second quarter? Ohmyhome’s Director of Real Estate and Destination Services Darren Teo said, “Property prices are expected to slide further as the global economy worsens. Buyers will become more careful and hold off buying decisions until prices drop further before committing to a purchase. Private sellers and developers may have to lower prices to entice the buyers if they want to sell sooner.”
The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-March. The statistics will be updated on 24 April 2020 when URA releases its full set of real estate statistics for 1st Quarter 2020.
The public is advised to interpret the flash estimates with caution.
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