SINGAPORE – The private property price index rose 1.3 per cent in the second quarter of the year, according to flash estimates by the Urban Redevelopment Authority (URA) on Monday (July 1).

This is as compared to the 0.7 per cent decrease in the previous quarter.

Going by geography, prices of non-landed private residential properties rose by 1.5 per cent in the Core Central Region (CCR) compared to the 3 per cent fall in the previous quarter. As for the Rest of Central Region (RCR), prices rose by 3 per cent after registering a decline of 0.7 per cent in the previous quarter. Prices Outside Central Region (OCR) increased by 0.5 per cent, following the last quarter’s 0.2 per cent increase.

These estimates were compiled based on prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-June.

They will be updated on July 26.

The URA said that past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small, and the public therefore is advised to interpret the flash estimates with caution.

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