Friday, October 24, 2008

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URA Quarter 3 2008 Real Estate Statistics: Private Property Price Fell 4.2% and Rent Fell as much as 2.7% in OCR

URA Q3 2008 real estate statistics shows that private property price fell 4.2%, worse than an initial estimate of a 1.8% decline.

Rents also fell during the July-September period by 0.9% compared to the increase of 2.5% in the three months to June. Rentals of non-landed properties in CCR, RCR and OCR fell by 0.7%, 0.5% and 2.7% respectively in Quarter 3 2008

Prices of non-landed properties fell 2.5% in 3rd Quarter 2008, compared with an increase of 0.1% in the previous quarter. Prices of apartments fell 2.4% and prices of condominiums fell 2.6%. Prices of non-landed properties in Core Central Region (CCR) fell 2.7% in Quarter 3 2008, and prices of non-landed properties in Rest of Central Region (RCR) and Outside Central Region (OCR) fell by 2.4% and 1.5% respectively.

Prices of landed properties fell 1.9% in Quarter 3 2008, compared with the increase of 0.6% in the previous quarter. Prices of detached, semi-detached and terrace houses fell by 1.9%, 2.1% and 1.6% respectively in Quarter 3 2008.

As at Quarter 3 2008, there were 66,422 private residential units in the pipeline, comprising supply from projects that are already under construction and those that have been granted planning approval but are not under construction yet. Of the 66,422 uncompleted units of private housing from projects in the pipeline, 23,008 units, 19,736 units and 23,678 units were expected to be completed over the next few years in CCR, RCR and OCR respectively.

May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
When the bubble of greed and fear burst, guess who suffer?
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase


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