Singapore Property Bubble 2011-2012
Originally Posted by URA3 October 2011
Rate of increase in private home prices continues to moderate in 3rd quarter 2011
URA's flash estimate of the private residential property index for 3rd Quarter 2011 shows that the rate of increase in private residential property prices has continued to moderate for the 8th consecutive quarter since 4th Quarter 2009.
The private residential property index rose from 203.0 points in 2nd Quarter 2011 to 205.7 points in 3rd Quarter 2011. This represents an increase of 1.3%, compared to the 2.0% increase in the previous quarter (see Annex A).
Prices of non-landed private residential properties increased by 0.8% in Core Central Region, 1.1% in Rest of Central Region and 2.1% in Outside Central Region in the quarter (see Annex B). In comparison, in 2nd Quarter 2011, prices of non-landed private residential properties increased by 1.6% in Core Central Region, 1.1% in Rest of Central Region and 1.7% in Outside Central Region.
The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold. The statistics will be updated 4 weeks later when URA releases the full 3rd Quarter 2011 real estate statistics, when more data on the caveats lodged and the take-up of new projects are captured. 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. The public is advised to interpret the flash estimates with caution.