Private residential property prices dipped 0.6% in Q1

The private residential property prices decrease of 0.6%, is steeper than the 0.1% decrease in the previous quarter.

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 26 April 2019 when URA releases its full set of real estate statistics for 1st Quarter 2019. Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small.

Prices have fallen across all segments, with the exception of landed property, where prices have increased by 1.1%. This quarter’s decline was led by the CCR segment, which fell by -2.9%. Prices in the RCR segment fell -0.2%, while those in the OCR segment remained flat. CBRE expects sales at mass market projects to remain resilient as the overall prices of units are still affordable.

“Despite two straight quarters of decline in the URA private residential property price index, we think it is too premature to conclude that prices will continue to head south from here on. We note that the launch pipelines could also ease going forward as most of the bulky ones have been launched or being launched.

Colliers noted that private residential property prices of some earlier launches in the Rest of Central Region may move north in the near future.

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