SINGAPORE: Private housing prices fell slightly by 0.2 per cent in the second quarter of 2023, according to real estate statistics released by the Urban Redevelopment Authority (URA) on Friday (Jul 28).
This is the first time that private home prices have declined since the first quarter of 2020, when prices fell 1 per cent during the onset of COVID-19, said Ms Christine Sun, senior vice president of research and analytics at OrangeTee & Tie.
The URA price index for private property is now at 194.4, down from 194.8 in the preceding quarter.
The dip is slightly less than the flash estimates released earlier this month, which indicated a 0.4 per cent fall in prices.
According to the latest data, prices of non-landed properties – or condominiums and apartments – fell by 0.6 per cent in the second quarter, a reversal from the 2.6 per cent increase in the previous quarter.
Prices of landed properties increased by 1.1 per cent, moderating from a 5.9 per cent increase in the first quarter.
Ms Sun said that the slower price growth may be attributed to property cooling measures implemented in September 2022 and April 2023, which raised the additional buyer’s stamp duty (ABSD) for some buyers and affected borrowing ability.Source: CNA
