Private home prices up 0.4% in Q2

SINGAPORE - Prices of private residential properties in Singapore rose by 0.4 per cent in the second quarter of this year, rebounding from a 0.1 per cent fall in the first quarter.

Real estate statistics released today by the Urban Redevelopment Authority (URA) showed prices of non-landed private homes in the core central region increased by 0.6 per cent, while those in the rest of the central region climbed 0.4 per cent in the April to June quarter.

These compared with a 0.6 per cent drop in prices for both regions in the January to March quarter.

For outside central region, prices rose at a slower pace of 0.5 per cent in the second quarter, compared to a 1.1 per cent increase in the first quarter.

Rentals of private homes were up 0.3 per cent in the second quarter, similar to the rate of increase in the last quarter.

The URA said the volume of resale transactions jumped from 2,206 units in the first quarter to 3,487 units in the second quarter. Resale transactions accounted for 37 per cent of all sales in the second quarter, compared to 24 per cent in the first quarter.

The number of uncompleted private home units from projects in the pipeline climbed from 78,572 units in the first quarter to 83,251 units as at the end of the second quarter.

URA said the pipeline supply of 83,251 units was the highest ever recorded since such data were first made available in 1999.

Of the supply in the pipeline, 38,175 units remained unsold at the second quarter. 12,124 units (32 per cent) were located in the core central region, while 8,618 units (22 per cent) were in the city fringes. The balance of 17,433 units (46 per cent) were located outside of central region. CHANNEL NEWSASIA
Resource:http://www.todayonline.com/Hotnews/EDC120727-0000093/Private-home-prices-up-0,4-in-Q2

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Article Source: http://EzineArticles.com/7124544