Kembangan Private and Public Residential Area in Singapore at Early Morning Dawn Panorama from

URA releases flash estimate of price index for private residential property

The Urban Redevelopment Authority (URA) has released the flash estimate of the price index for private residential property for the fourth quarter of 2017.

Overall, URA stated that the private residential property index increased 1.0 point from 137.6 points in third quarter of 2017 to 138.6 points in fourth quarter of 2017, which represents an increase of 0.7 percent, same as the 0.7 percent increase in the previous quarter.

For the whole of 2017, URA said that the prices have increased by 1.0%, compared with the 3.1% decline in 2016.

According to URA, prices of non-landed private residential properties increased by 1.6 percent in Core Central Region (CCR), compared to the 0.1 percent increase in the previous quarter.

While, prices in the Rest of Central Region (RCR) increased by 0.2 percent, after registering an increase of 0.5 percent in the previous quarter.

Prices in Outside Central Region (OCR) increased by 0.6 percent, after registering a 0.8 percent increase in the previous quarter.

It also stated that for the whole of 2017, prices in CCR, RCR and OCR have increased by 0.8 percent, 1.6 percent and 1.2 percent respectively.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up until mid-December.

The authority noted that the statistics will be updated on 26 January 2018 when it releases its full set of real estate statistics for 4th Quarter 2017.

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