Prices for Singapore’s private homes dropped in the fourth quarter of 2016, with the private residential property index down 0.5 percent from the previous quarter, the Urban Redevelopment Authority (URA) said on Thursday.
The URA said the private residential property index fell 0.7 points from 137.9 points in the third quarter of 2016 to 137.2 points in the fourth quarter. This represents a decline of 0.5 percent, compared with a 1.5-percent drop in the previous quarter. For the whole of 2016, prices fell 3.1 percent, compared with a 3.7-percent decline a year ago.
Prices of landed properties rose 0.8 percent in the fourth quarter from a 2.7-percent decline in the previous quarter, said URA. Prices of non-landed properties decreased by 0.8 percent, compared with a 1.2 -percent decline in the previous quarter. For the whole of 2016, prices of landed and non-landed properties fell by 4.5 percent and 2.6 percent respectively.
The authority said prices of non-landed private residential properties in downtown area increased 0.1 percent in the fourth quarter of 2016 compared with the previous quarter. While prices for those in city fringe and suburban area slid 2.0 percent, and 0.6 percent respectively. URA said prices in downtown area, city fringe and suburban area decreased by 1.2 percent, 2.8 percent and 3.4 percent respectively for the whole year of 2016.
As for rental market, rentals of private residential properties fell 1.0 percent in the fourth quarter, following a 1.2-percent decline in the previous one. For the whole of 2016, rentals of private residential properties decreased 4.0 percent, compared with a 4.6- percent decline a year ago.
URA said rents of landed properties fell 3.2 percent, after remaining unchanged in the previous quarter. While rental prices of non-landed properties decreased by 0.7 percent, compared with a 1.4-percent decline in the previous quarter. For the whole of 2016, rents of landed and non-landed private residential properties fell by 6.9 percent and 3.6 percent respectively.
Rents for non-landed properties in downtown area decreased by 0.4 percent in the fourth quarter of 2016, and rental prices for those in city fringe and suburban area dropped by 0.1 percent and 2.0 percent respectively, said URA in the statement. For the whole of 2016, rentals of non-landed private residential properties in downtown, city fringe and suburban area fell by 3.3 percent, 1.9 percent and 6.7 percent respectively.
About 80 percent of the resident population in Singapore live in units built by the Housing and Development Board and sold to eligible households.
The private residential properties in the city state typically refer to those built by private developers. Transactions involving private residential properties are carried out in a market separate from public housing market.
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