Prices of Singapore private residential properties dropped by 0.7% in first quarter of 2016 from the record in the previous quarter, according to Urban Redevelopment Authority (URA) flash estimates released last 1 April.
The record shows a price decline for 10th straight quarter, and a price fall higher than the 0.5% in fourth quarter of 2015.
In Q4 2015, Singapore landed homes recorded the largest price decline. But the rate of drop slowed to 1.5% from the previous 1.8 percent drop.
However, Mr Ong Teck Hui of JLL’s National Director, Research & Consultancy, believes that the price drop is still important, considering it is higher than the average quarterly drop of 1 percent last year.
Moreover, Prices of Singapore non-landed homes in the Outside Central Region (OCR) decline by 0.9% in the quarter basis, after holding firm during the last 3 months period.
For the Rest of Central Region (RCR), non-landed home prices drop by 0.4%, resulting to same rate of change during Q4 2015.
While in the Core Central Region (CCR), prices of non-landed properties bucking the trend with 0.4 percent price increase, after the 3.0% drop in the previous quarter.
According to Desmond Sim, Head CBRE Research, the success of Cairnhill Nine contributed the 0.4% slight increase in the CCR for Q1 2016.
The flash estimates released by URA only cover caveats received until mid-March, and the complete statistics will release by the agency four weeks later.