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Private home prices up 3.4% in Q2, making for 7.3% rise in first half of 2018: URA data

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Q2-increase

The second quarter saw the prices of private residential homes making a climb, at 3.4%, and that tallied with the estimate that was earlier predicted. This is according to data made available by the Urban Redevelopment Authority URA, and this was after a first-quarter increase of 3.9%, hence, in the first half of 2018, there was a total of 7.3% increase in home prices.

In the second quarter, landed properties also had their prices increased by 4.1%, as opposed to the increase by 1.9% in the previous quarter. Non-landed properties also experienced an increase of 3.2%, as opposed to the increase of 4.4% in the previous quarter.

Based on location, costs of non-landed (RCR) Rest of Central Region went up by 5.6%, as opposed to a rise of 1.2% in the previous quarter. Core Central Region (CCR) was not left out, as there was a 0.9% increase, in contrast to the rise of 5.5% in the previous quarter. There was also a 3.0% increase in the prices of non-landed properties in the Outside Central Region (OCR), in comparison to the increase by 5.6% in the previous quarter.

The rentals of private homes also experienced an increase of 10%, in comparison with the previous quarter’s rise by 0.3%. Landed properties rentals also had a 3.6% increase, and there was no change from the value in the previous quarter. Non-landed property rentals had a 0.6% increase, in comparison with the rise by 0.3% in the previous quarter.

There was a decrease by 0.3% of the vacancy rate of private residential units that were completed, and that excluded ECs. 45,003 uncompleted units were supplied at the end of the second quarter, excluding executive condos. And that was in contrast to the previous quarter’s 40,330 units. 26,943 units did not get sold at the end of the 2nd quarter of 2018, in comparison with the previous quarter’s 23,514.

After the addition of 2,518 executive condo units for planning, the total units became 47,521 units that had planning approvals. Out of the executive condo units ready for development, 18 units did not get sold.

To sum it all, 26,961 units that had planning approvals, including executive condos did not get sold, in comparison to the previous quarter’s 24,193 units.

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