2016 saw a 3% decline in private residential prices

sghome

Singapore home prices continue to fall.

Private home prices across Singapore fell by three percent in 2016, marginally lower than the 3.7 percent decrease in 2015, according to flit approximations of the Urban Redevelopment Authority’s (URA) price index.

Prices in the fourth quarter dropped by 0.4 percent, compared with the 1.5 percent decline in the previous quarter.

Performance at Q4

In Q4, prices of non-landed private units in the Core Central Region (CCR) remained unchanged, when compared with the 1.9 percent decline in the previous three-month span. Costs in the Rest of Central Region (RCR) dropped by two percent, after registering a one percent drop in the quarter before. Around in the Outside Central Region (OCR), costs fell by 0.3 percent, after registering a one percent drop formerly.

For the whole year, prices in the CCR, RCR and OCR decreased by 1.3 percent, 2.8 percent and 3.1 percent respectively.Meanwhile, prices of landed properties increased by 0.9 percent in Q4, compared to the 2.7 percent drop in Q3.

The full figures will likely be published by the URA on 26.

What’s expected in 2017

While private prices seem to be dropping which is definitely a healthy sign for potential buyer to make their purchase entrance. Especially in the new launches in 2017, a few highly anticipated new launches like Grandeur Park Residences @ Tanah Merah and Seaside Residences @ East Coast link are two highlights of 2017.