Updated: 04/26/2014 00:08

Prices of private property fell 1.3% in Q1



Prices of private property fell 1.3% in Q1

Prices of private residential properties fell by 1.3 per cent in the first quarter of the year, following the 0.9 per cent decline in the previous quarter. 

The Urban Redevelopment Authority, URA, says the decline was seen across all segments of the private residential property market. 

Prices of non-landed properties in the Core Central Region declined by 1.1 per cent. 

Those in the suburban areas fell by 0.1 per cent. 

And in the city fringe, prices declined by 3.3 per cent. 

As for landed properties, prices were down by 0.7 per cent. 

Director of Chris International, Chris Koh says the declines are due to several cooling measures imposed by the government. 

"I think the greatest impact is the introduction of Total Debt Servicing Ratio in mid last year. Once the buyers have difficulty getting loans, there will be pressure on prices to come down. Demand went down and therefore we saw prices falling."

Mr Koh expects prices to fall by one per cent in the next few months, with more buyers attracted to the market. 

As for resale transactions, the volume fell to 899 units in the first quarter of this year, down from 1,206 units the quarter before. 

Rentals paid for private residential properties also decreased by 0.7 per cent. 

This is greater than the 0.5 per cent decline in fourth quarter of 2013.

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