SINGAPORE: The rise of private property prices in Singapore slowed in 2019 to 2.5 per cent, compared with the 7.9 per cent increase in 2018, according to official flash estimates released on Thursday (Jan 2).
In the fourth quarter of last year, the private residential property index inched up 0.3 per cent to 153.3 points following two consecutive quarters of growth.
Private home prices grew 1.3 per cent in the third quarter and 1.5 per cent in the second quarter.
READ: HDB resale prices unchanged in 2019 after climbing 0.4% in last quarter
The increase in the fourth quarter was driven by prices Outside Central Region (4.3 per cent) and in the Rest of Central Region (2.7 per cent), figures released by the Urban Redevelopment Authority showed. Prices in the Core Central Region dropped by 2.6 per cent.
Landed property prices recorded a 4 per cent increase, compared with the 1 per cent growth in the third quarter.
Non-landed property prices dropped 0.7 per cent in the fourth quarter, after rising 1.3 per cent in the previous quarter.
The decline in prices for non-landed properties was led by the Core Central Region at 3.7 per cent. Prices in the Rest of Central Region dropped 1.4 per cent.
Bucking the trend were properties in Outside Central Region with a 2.9 per cent increase in prices.
READ: Singapore property market faces risks from unsold units, uncertain economy: MAS
The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up until mid-December.
The statistics will be updated on Jan 23 when URA releases its full set of real estate statistics for the fourth quarter of the year.
