Singapore Private Residential Property Price Index Increases By 1.7%

The Urban Redevelopment Authority (URA) released today the flash estimate of the price index of private residential property for 4th Quarter 2009.

Based on the estimated price index of private residential property, prices rose from 154.3 points in the 3rd Quarter 2009 to 165.5 points in the 4th Quarter 2009.

This represents an increase of 7.3%, compared with the 15.8% increase in the previous quarter (see Annex A). For the year 2009 as a whole, the price index has increased by 1.7%.

URA also released today the flash estimates of the price changes in the 3 geographical regions for 4th Quarter 2009. Prices of non-landed private residential properties increased by 7.1% in Core Central Region, 9.5% in Rest of Central Region and 5.8% in Outside Central Region in the quarter (see Annex B).

In comparison, for 3rd Quarter 2009, prices of non-landed private residential properties increased by 15.2% in Core Central Region, 18.5% in Rest of Central Region and 16.1% in Outside Central Region. For the year 2009 as a whole, the price index in Core Central Region has decreased by 2.0% while those in Rest of Central Region and Outside Central Region have increased by 3.1% and 11.2% respectively.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold. The statistics will be updated 4 weeks later when URA releases the full 4th Quarter 2009 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured.

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. The public is advised to interpret the flash estimates with caution.

URA will continue to release relevant price sensitive information in a timely manner to allow the public to make informed decisions.

On the supply side, the statistics on private residential units in the pipeline, which were last released in October 2009, will be updated in the 4th Quarter 2009 Real Estate Statistics to be released on 22 January 2010.