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Financial News: Singapore Property Prices Fall In Q1

Singapore Property Prices Fall In Q1

04/24/2020 - 02:54:00 (RTTNews)

(RTTNews) - Singapore house prices declined in the first quarter as property market came to a standstill amid coronavirus lockdown, data from Urban Redevelopment Authority showed on Friday.

The house price index fell 1.0 percent in the first quarter after a 0.5 percent rise in the fourth quarter. However, this was slower than the initial estimate of -1.2 percent.

At the same time, rentals of private residential properties grew 1.1 percent, reversing a 1 percent fall in the previous quarter.

The stock of completed private residential units increased by 1,364 units in the first quarter, after rising 1,476 units a quarter ago. The vacancy rate of completed private residential units decreased to 5.4 percent from 5.5 percent in the preceding quarter.

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