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URA releases flash estimate of 1st Quarter 2018 private residential property price index

The Urban Redevelopment Authority (URA) has released the flash estimate of the price index for private residential property for first quarter 2018, saying that there is an increase of 3.1%, compared to the 0.8% increase in the previous quarter.

While, prices of non-landed private residential properties increased by 5 percent in Core Central Region (CCR), compared to the 1.4 percent increase in the previous quarter.

Prices in the Rest of Central Region (RCR) increased by 1.1 percent, after registering an increase of 0.4 percent in the previous quarter. Prices in Outside Central Region (OCR) increased by 3.8 percent, after registering a 0.8 percent increase in the previous quarter.

The authority noted that 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 till mid-March. The statistics will be updated on 27 April 2018 when URA releases its full set of real estate statistics for 1st Quarter 2018.

"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 added.