According to figures published by the Urban Redevelopment Authority, the prices of residential property in Singapore fell by 0.1% during the first quarter of 2012. In comparison the previous quarter saw price increases of 0.2%, and this marked the end of nine consecutive quarters of declining price increases. This is the first fall in prices since the second quarter of 2009.
The property prices of non-landed properties in the Core Central Region, and the Rest of Central Region dropped by 0.6%, whereas the previous quarter had seen increases of 0.5% and 0.1% respectively. Property prices for homes within the Outside Central Region increased by 1.1% during the first quarter of this year, compared to 0.6% in the last quarter of 2011.
Rental rates increased by a slower percentage compared to the previous quarter, rising by just 0.3%, compared to 0.4% in the previous quarter. The rate of increase in rentals has been falling for three consecutive quarters.
Figures show 6,903 uncompleted private residential units were launched by developers during the first quarter of 2012, compared with 4,105 units during the last quarter of 2011. Developers sold 6,458 uncompleted private residential units during the first quarter of this year, compared with 3,525 units during the last quarter of 2011.
More than a quarter of all new sales were four units smaller than 50 m². Homes priced at less than $750,000 accounted for nearly half of all new sales, compared to just 25% of sales during the final quarter of last year. Most of these homes were in the suburbs, with 82% being sold in the Outside Central Region.
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