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    URA 2017 Flash Estimates Show 1% Increase in Singapore Private Home Prices

    According to URA flash estimates for Q4 2017, Singapore private home prices have increased by 1% for 2017 and 0.7% between Q3 and Q4.

    BankBazaar Singapore – 18 January, 2018

    SINGAPORE: According to a note published by the Urban Redevelopment Authority (URA) on 2 January 2018, the private residential property price index indicated a 1% increase in property prices in Singapore for the whole of 2017 as against a depreciation of 3.1% in 2016.

    According to the flash estimates released by URA, the private property prices in Singapore jumped from 137.6 in Q3 2017 to 138.6 in Q4 2017, registering an increase of 1 point or 0.7% q-o-q. This is identical to the increase registered by the index between Q2 2017 and Q3 2017 in percentage terms. During this period, the index had appreciated from 136.6 to 137.6.

    Non-Landed Property Prices Rose Considerably According to URA Flash Estimates

    According to the URA media release, the prices for non-landed residential properties in Singapore have increased significantly for the sub-markets. The following table provides a comparison of sequential appreciations between Q2 & Q3 and Q3 & Q4 last year. It also provides a glimpse into the overall price increase posted by these sub-markets for 2017.

    Non-landed property sub-markets Absolute Value of Price Index Percentage Increase in Prices on Sequential Basis Percentage Increase in Prices for the Whole Year
    Q3 2017 Q4 2017 Q2 2017 to Q3 2017 Q3 2017 to Q4 2017
    Core Central Region (CCR) 126 128 0.1% 1.6% 0.8%
    Rest of Central Region (RCR) 138.3 138.6 0.5% 0.2% 1.6%
    Outside Central Region (OCR) 154.9 155.8 0.8% 0.6% 1.2%

    The report also said that prices in landed private homes in Singapore increased by 0.6% q-o-q between Q3 and Q4, 2017 in comparison to the 1.2% increment seen between Q2 and Q3, 2017.

    According to experts, the fact that property prices in sub-markets for two consecutive quarters were positive lends support to the belief that there is a broad-based recovery in the residential property market space.

    Flash Estimates Not the Same as Final Numbers

    URA, in its report, has recommended readers to exercise caution when relying on the flash estimate numbers. Past experiences suggest that deviations between quarterly price changes as per initial estimates and the final results could be significant, especially when changes are small.

    URA has said that the flash estimates were made based on the data available on property units sold by developers till mid-December 2017 and prices mentioned in contracts for payment of stamp duties.

    URA will make actual private home prices in Q4 2017 available on 26 January 2018 after compiling the full set of relevant statistics.

    Broad Consensus Absent in Terms of 2018 Predictions

    While some analysts feel that property prices in Singapore would appreciate significantly throughout 2018 due to higher prices paid by developers in 2017, some remain cautious as most of the price-cooling measures remain in place. They also feel that buyers will continue to remain price-sensitive and cautious in 2018.

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