URA releases flash 3rd quarter 2008 private residential property price index

2 October 2008

URA releases flash 3rd quarter 2008 private residential property price index

The Urban Redevelopment Authority (URA) released today the flash estimate of the price index of private residential property for 3rd Quarter 2008.

Based on the estimated price index of private residential property, prices fell from 177.5 points in the 2nd Quarter 2008 to 174.3 points in the 3rd Quarter 2008. This represents a decline of 1.8%, compared with the 0.2% increase in the previous quarter (see Annex A).

URA also released today the flash estimates of the price changes in the 3 geographical regions for 3rd Quarter 2008. Prices of non-landed private residential properties decreased by 2.0% in Core Central Region and 2.1% in Rest of Central Region while prices of non-landed properties rose 0.1% in Outside Central Region in the quarter (see Annex B). In comparison, for 2nd Quarter 2008, prices of non-landed private residential properties decreased by 0.1% in Core Central Region and increased by 0.7% in Rest of Central Region and 0.9% in Outside Central Region.

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 3rd Quarter 2008 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 Jul 08, will be updated in the 3rd Quarter 2008 Real Estate Statistics to be released on 24 Oct 2008.
Extracted From URA Singapore