According to Urban Redevelopment Authority or URA, the prices for the private properties in Singapore has fallen off the grid from 1.3% during the first quarter to 1% on the second quarter of this year. Will this decrease continue up to the third quarter?
This decrease has been observed on all segments of private properties (residential). In records, the prices of properties (non-landed) in the Core Central Region dropped by 1.5% from the previous quarter (the first quarter price also dropped to 1.1%).
For the properties (non-landed) within Rest of Central Region (RCR), the decline was still continuous. From the price depression on the first quarter (3.3% decrease) up to the chilling depression on the second quarter (0.4% decrease), it is seemingly inevitable to face a third phase of depression.
For properties (non-landed) Outside Central Region (OCR), the depression is still felt. The prices declined from 0.1% on the first quarter to 0.9% on the second quarter.
On the other note, landed properties in all parts of the country also experienced the depression. From the 0.7% decrease on the first quarter, they are now facing a whooping 1.7% decrease in the second quarter.
Because of the depression in overall property price, rentals seem to decrease as well. Rentals over private properties fell to 0.6% in the second quarter from the 0.7% decline over the first quarter.
These depressions might continue this third quarter and it could mean “threat” to developers. For investors, they might just be a spark of hope and a reason to smile.