Private home prices went down by 1.2% in Q1 amid Covid-19

  • Private home prices suffered a 1.2% decline in Q1 2020 as per the latest data released by Urban Redevelopment Authority (URA).
  • The fall in prices was seen across all segments and regions. The following are some interesting statistics that came out as a result of the current decline in property prices:
    • This is the first quarterly decline since the 0.7% drop in the Q1 2019.
    • Prices for landed homes declined by 1.7% and for non-landed homes by 1%.
    • Prices for non-landed homes in the CCR region went down by 1.5% while the RCR and OCR suffered a dip by 0.5% and 1% respectively.
    • Overall property prices are at a 2.2% high on a yearly basis.

  • Irrespective of the prices going down analysts believe that the prices will not decline sharply in the time to come.
  • The impact of the Covid-19 on Singapore’s property market will depend solely on its duration of stay in the country and its containment, said the analysts.
  • The property market is expected to progress smoothly as long as the unemployment remains low which is highly expected due to the hefty fiscal support and consumer loan relief measures introduced by the government.
  • If experts are to be believed, these loan relief measures will indirectly help to keep the prices of the properties stable and prevent the further decline in prices.

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