Singapore's private residential property prices fell by 3.7 percent in 2015, following the 4.0 percent decline in 2014, said Urban Redevelopment Authority (URA) in a flash estimates on Monday.
URA said private home prices fell 0.5 percent in the fourth quarter of 2015, compared with the 1.3 percent decline in the previous quarter, as the Private Residential Property Index fell 0. 7 points from 142.3 points in third quarter to 141.6 points in the fourth quarter in 2015.
Prices of non-landed private residential properties declined by 0.4 percent in downtown area in the fourth quarter of 2015, compared with the 1.2 percent decline in the previous quarter. While prices in city fringe and suburban area remained unchanged, compared with the 1.6 percent decline in each segment in the previous quarter.
For the whole of 2015, prices in downtown, city fringe and suburban area have fallen by 2.6 percent, 3.9 percent and 3.7 percent respectively, said URA. Prices of landed properties fell 2.1 percent in the fourth quarter of 2015, compared to the 0.4 percent decline in the previous quarter.
As for the whole of 2015, prices of landed properties fell by 4.4 percent. The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and survey data on new units sold by developers during the first 10 weeks of the quarter.
The statistics will be updated four weeks later when URA releases the full real estate statistics for the fourth quarter of 2015.
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