According to the latest data from the Urban Redevelopment Authority (URA), the prices of Singapore private home has increased by 0.5 percent in the third quarter of 2018, a sharp fall from the 3.4 percent increase in the previous quarter.
The increase was led by landed homes which rise by 2.3 percent compared with the 4.1 increase in the previous quarter while the prices of non-landed homes remain unchanged, compared with the 3.2 increase in the previous quarter.
File pic: Private apartments in Singapore
Prices of private condominiums and apartments in the Rest of Central Region (RCR) dipped by 1.3 percent and 0.1 percent in the Outside Central Region (OCR) respectively. Bucking the downward trend, properties in the Core Central Region (CCR) increased by 1.3 percent after a 0.9 percent rise in the previous quarter.
Some 3,754 uncompleted private residential units (excluding ECs) were launched for sale in the third quarter, compared with 2,437 units in the previous quarter.
Resale transaction volumes slowed, with 2,672 units sold in the third quarter, compared with 4,700 units in the second quarter. Resale transactions accounted for 46.3 per cent of all sale transactions in the third quarter, compared with 65.4 per cent in the previous quarter.
The slower rate of increase in prices is widely attributed to the introduction of additional cooling measures in July this year which include an increased additional buyers’ stamp duty (ABSD) for Singaporeans and PRs buying their second home onwards and foreigners buying residential property, as well as tightened Loan-to-Value (LTV) limits.