As Urban Development Authorities (URA)released their 4th Quarter flash estimate, it shows that the price index for private residential properties drops to a total of 4% for the year 2014. This has been the fifth consecutive quarterly price fall (refer to Annex A below), from the 3rd Quarter with 207.9 points to 205.8 for the 4th Quarter that results to a 2.1 points overall price drop.
The price of landed properties plummeted an overall percentage of 5.2% for the year 2014 with 1.1% drop on its 4th Quarter. Non-landed properties also dropped in all market divisions. The Core Central Region (CCR) and Outside Central Region (OCR) both fell with 0.9% and Rest of Central Region (RCR) with 1.2% all higher compared to its previous quarter (refer to Annex B below). On overall precentage OCR fell 2.2%, CCR with 4.1% and RCR with 5.2% in 2014. Some of the current new launches include Marine One Residences, Victoria Park Villas and Northpark Residences.
In a few weeks, URA will release its 4th Quarter full real estate statistic with more detailed data of the compiled flash estimates. Is it advisable that the public carefully understand the estimates with caution as past data shows significant difference on the actual price changes and flash estimates with small changes.
