Singapore Property Prices See Marginal Increase in Q3

The URA stated on Monday that the index of private residential property prices rose by 0.5% in Q3, compared to a decline of 0.2% in the previous quarter.

On the other hand, landed property prices experienced a significant drop of 4.9% during the quarter, reversing the 1.1% increase in the preceding quarter, as per the data revealed.

However, nonlanded properties moved in the opposite direction, with prices increasing by 2.1% in Q3 following a 0.6% drop in the prior quarter. This was attributed to robust demand from local owner-occupiers, which supported higher prices in certain regions. However, these price gains were partly offset by declines in the core central area.

The URA also reported that sale transaction volumes decreased by about 15% on a quarterly basis and by approximately 26% compared to the previous year.

To compile their flash estimates, the URA uses transaction prices from contracts submitted for stamp-duty payment and figures on units sold by developers. The third-quarter statistics will be updated on October 27th.