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Latest Property Real Estate News - Published on 01/07/2019
2Q 2019 Flash URA / HDB Real Estate Statistics
The second quarter of the URA’s Private Residential Price Index represented a price increase of 1.3% quarter-on-quarter (Q-o-Q). Additionally, across the regions, price index recorded an increase all around Q-o-Q (CCR at 1.5%, RCR at 3.0% and OCR at 0.5%).
Chief Executive Officer of PropNex Realty, Mr Ismail Gafoor stated that “The private new home sales segment, have remained resilient, as a result of newer project launches and higher land bid prices. On the other hand, the resale segment paints a contrasting picture.”
By comparing the number of resale units transacted in the first quarter of this year as opposed to the same time period of last year, we can observe a 49.3% drop in resale transactions from 3,666 (1Q18) to 1,858 (1Q19).
However for 2Q 2019, Mr Ismail highlighted, “We witnessed stronger take up rates of resale private properties and new launches in the second quarter. With more launches expected and en bloc owners finding their replacement homes, we expect the private residential price index to grow modestly at around 2% for the whole year.”
The HDB resale price index recorded a price change of 0.2% for the second quarter of this year. Mr. Ismail mentioned that “Despite the cooling measures in place, the public housing segment have demonstrated a continuation of strong demand, especially in terms of volume of transactions.”
This can be reflected by the 4,835 HDB resale transactions in first quarter of the year. An 8.5% (Y-o-Y) surge as compared to same time period of last year, which recorded 4,458 resale transactions. The contributing pool of buyers are believed to include newly-married couples and some enbloc downgraders who are considering HDB resale flats as immediate replacement homes.
Mr Ismail added, “In the last 3 quarters, the market has seen HDB prices falling at a slower and stable pace. From this trend, we may well experience a positive growth in the second half of the year, with 2019 ending with up to 1% growth.”