10/03/2016

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Private home prices keep falling

Prices of private residential properties fell by 0.5 percent in the last three months of 2015, compared to the 1.3 percent decline in the previous quarter. For the year, prices fell by 3.7 percent, compared with the 4.0 percent decline in 2014, revealed latest figures from the Urban Redevelopment Authority (URA).

For the whole of 2015, prices of non-landed properties in the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) fell by 2.5 percent, 4.3 percent and 3.7 percent respectively. Prices of landed properties declined by 4.1 percent.

The URA added that rentals of private residential properties fell by 4.6 percent for the whole of 2015. During the period, rentals of non-landed properties in the CCR, RCR and OCR declined by 3.8 percent, 4.9 percent and 5.6 percent respectively. Rentals of landed properties fell by 4.5 percent.

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