Based on the latest URA data, in the first quarter of 2014, 2,754 private residential units were sold. Compared to 4Q13 sales of 3,948, this is a qoq fall of 30.2%. The fall in overall prices of private residential properties has accelerated to 1.3% qoq. Prices in all 3 segments fell, prices in the CCR, RCR and OCR fell 1.1%, 3.3% and 0.1% respectively. The general fall in prices can be attributed to developer price cuts especially in the central regions, in a bid to move units. Overall rents edged lower in 1Q14, moving down 0.4% in 1Q14. This is the 2nd consecutive fall in 2 months. CCR and OCR rents fell 0.6% and 0.8% qoq respectively, RCR rents managed to buck the trend and rose 0.3% qoq in 1Q14. The slight fall in rents can be attributed to the increasing supply in the market and lower demand on the back of tightening of foreign worker inflows in Singapore. HDB resale prices continued to fall in 1Q14, falling 1.6% qoq. HDB resale prices have been falling since 3Q13, falling 3.9% over 3 quarters. There were a total of 3,781 HDB units sold in the resale market in 1Q14, this is a 5% fall in volume. The fall in volume could be partly due to the abolishment of COV, which has introduced additional uncertainty into the resale market, causing buyers and sellers to hold back. Subletting transactions rose by 17% qoq in 1Q14. There were 8,485 cases in 1Q14 compared to 7,268 cases in 4Q13. According to available HDB data since 2007, this is a historical high number of subletting transaction in one quarter.
Posted on: Fri, 25 Apr 2014 10:05:34 +0000
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