Experts believe the latest URA data shows the private residential market is reaching its trough.
Private home prices across Singapore fell 0.5 percent in the first quarter of 2017, the same rate of decline as in the previous quarter, according to flash estimates from the Urban Redevelopment Authority (URA).
In Q1 2017, prices of landed properties fell 2.8 percent, while those of non-landed properties remained unchanged.
Specifically, prices of non-landed properties in the Outside Central Region (OCR) increased 0.1 percent in Q1 2017. The Core Central Region (CCR) saw prices of non-landed properties dip 0.2 percent, while prices in the Rest of Central Region (RCR) held firm.
Desmond Sim, Head of CBRE Research for Singapore and South East Asia, said the latest URA figures “provide another piece of evidence that Singapore’s residential market is reaching its trough”.
He noted that the fall in the index for landed homes was a “function of the price of the projects transacted”.
“Key projects may skew indices occasionally and with a wide geographic spread, it is more important to look at the trends over a longer period. The market should prepare itself for a landing very soon, going by the latest figures.”
Looking ahead, Sim expects home prices to “come in at between 0 and -2 percent for the whole of 2017”.