Singapore Private Home Prices Drop 1.1% In Q2
URA indicated that costs of non-landed condo within the Core Central Region (CCR) slipped 0.1% in Q2, an improvement from Q1’s 2.2% decline. The Rest of Central Region (RCR) saw prices fall 1.9%, a greater drop opposed to the previous quarter’s 0.5% decrease.
The COVID-19 pandemic has continued to impact the Singapore real estate market as private residences costs succumbed to a second consecutive quarter.
” There is sporadic proof of ‘green shoots’ in certain market segments and some home buyers were snapping up relatively good bargains in the market over the past few weeks. Therefore, the prices patterns might be misrepresented by a few of these homes or special priced units,” claimed Sun.
” Nonetheless, it may be too early to conclude that this is the start of a sustained period of price downswings. We must beware in interpreting the pricing dips in an unpredictable market, especially when sales volume is lower.”
View at Kismis Showflat is beautifully done and ready for viewing.
Flash estimate from the Urban Redevelopment Authority (URA) showed that the private home index dropped 1.1% in the second quarter of 2020, after a 1% decline seen in the previous quarter.
With this, Sun expects home costs to remain soft in the coming months thinking about the macroeconomic unpredictabilities. For the full year, she anticipates private home pricings to drop by 3% to 5%.
” Last quarter, show flats were closed while residential property viewings were barred during the Circuit Breaker period. Because of this, home buyer demand was suppressed which will inevitably have a negative influence on residence prices,” stated Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
” We should observe the real estate market for a few more quarters to ascertain if prices have actually bottomed.”
Prices within the Outside Central Region, on the other hand, stood the same after recording a 0.4% drop in Q1.
URA caveat records suggested that the number of resale deals in Q2 2020 is around a quarter of what was sold over the exact time frame last year. The number of new launch sales performed last quarter is also around 50% of what was sold in Q2 2019, mentioned OrangeTee & Tie.