Business

Private residential home prices appreciated 1 per cent in 2017

Private home prices rose 0.7 per cent in the three months to Dec 31, following a similar 0.7 per cent increase in the previous quarter, according to flash estimates released by the Urban Redevelopment Authority (URA) yesterday.

For the whole of last year, prices appreciated 1 per cent, in contrast to the 3.1 per cent decline in 2016.

For non-landed private homes, prices rose 0.7 per cent in the fourth quarter, compared with a 0.6 per cent gain in the third quarter. But landed home prices climbed 0.6 per cent in the fourth quarter, following a 1.2 per cent hike in the third.

URA's breakdown of non-landed private home prices by region in the fourth quarter showed that the steepest gain of 1.6 per cent was in the prime areas or core central region, following a 0.1 per cent increase in the previous quarter.

Prices in the city fringe or rest of central region went up by 0.2 per cent, slower than the 0.5 per cent hike in the third quarter.

Similarly, prices in the outside central region rose at a slower pace of 0.6 per cent, after posting a 0.8 per cent increase in the preceding quarter.- THE STRAITS TIMES

Property