Singapore Private Home Prices Drop 1.1% In Q2
URA caveat data showed that the amount of resale transactions in Q2 2020 is around a quarter of what was sold over the exact time frame last year. The number of new launch sales transacted last quarter is also around 50% of what was sold in Q2 2019, noted OrangeTee & Tie.
Pricings within the Outside Central Region, conversely, stayed the same after registering a 0.4% decrease in Q1.
With this, Sun forecasts residence pricings to continue to be soft in the coming months thinking about the macroeconomic uncertainties. For the full year, she expects private home pricings to drop by 3% to 5%.
” However, it could be too early to deduce that this is the beginning of a sustained duration of pricing downswings. We must beware in analyzing the pricing dips in an unstable market, particularly when sales volume is lower.”
” There is occasional evidence of ‘green shoots’ in certain market segments and some home buyers were buying relatively good bargains on the market over the last number of weeks. As a result, the values patterns could be misrepresented by a few of these properties or unique priced units,” claimed Sun.
URA reported that values of non-landed houses within the Core Central Region (CCR) slid 0.1% in Q2, an improvement from Q1’s 2.2% decline. The Rest of Central Region (RCR) saw costs fall 1.9%, a larger decrease compared to the previous quarter’s 0.5% decrease.
One Pearl Bank Showflat is beautifully done and ready for viewing.
Flash estimate from the Urban Redevelopment Authority (URA) illustrated that the private property index dropped 1.1% in the 2nd quarter of 2020, following a 1% decrease seen in the previous quarter.
The COVID-19 pandemic has remained to affect the Singapore housing market as private home prices succumbed to a second successive quarter.
” Last quarter, show flats were shut off while home viewings were stopped in the time of the Circuit Breaker period. As a result, buyer demand was restrained which will certainly have an unfavorable impact on home pricings,” claimed Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
” We need to observe the real estate market for a few more quarters to identify if pricings have bottomed.”