Written By: Henny Maherah
In a media release by the Urban Redevelopment Authority (URA), flash estimates were reported for the private residential property market based on the following data:
- Transaction prices declared in contracts submitted for stamp duty payment
- Number of units sold by developers in the second quarter (until 15 June 2020)
Flash Estimates of Private Residential Property Market
The estimated post-circuit breaker prices are as follows:
- Private home prices have decreased by 1.1% from 152.1 points in the first quarter to 150.4 points in the second quarter.
- Non-private homes in the Core Central Region (CCR) were estimated to have encountered a price decrease by 0.1%.
- Non-private homes in the Rest of Central Region (RCR) faced an estimated price decrease by 1.9%.
Landed property prices face the largest negative projection at 2.7%.
One factor that might have contributed to the decline would be the absence of new private home launches. Furthermore, a significant slowdown in market activities such as halting construction activities and closure of show flat viewing could contribute to the decrease in housing demand, further pulling prices down.
As the pandemic persists, uncertainty within the property market could continue for longer than expected. Potential buyers and sellers are encouraged to be careful when interpreting price changes and proceeding with their property plans.
Unsure if it is the best time to start your property journey? Contact our in-house agents for professional and well-experienced advice. Home transactions never cease at Ohmyhome.
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