SINGAPORE, Oct 3 Following are flash estimates for private home prices in the third quarter of 2011 released by the Urban Redevelopment Authority (URA):
Quarter-on-quarter, percentage price change: Period Q3/2011 Q2/2011 Q1/2011 Q4/2010 Q3/2010 Singapore +1.3 +2.0 +2.2 +2.7 +2.9 private home prices
- The rate of increase in private residential property prices fell for the eighth consecutive quarter, according to URA data.
- URA said the biggest increase was for homes outside the central region, which rose 2.1 percent during the third quarter. In contrast, private home prices in the core central region edged up by 0.8 percent.
- Savills said last week that home sales in Singapore's mass market segment continued to be robust during Q3. But the high-end market softened amid new headwinds from crisis-hit economies of Western Europe.
- The URA flash estimate is based primarily on data from the first 10 weeks of the quarter.
- Singapore has been trying to stem the rise in home prices by increasing the supply of land available for housing and reducing the amount people can borrow for second properties.
- The ruling People's Action Party swept back to power in May general elections, but the opposition made historic gains. The sources of unhappiness included the spiralling cost of housing and Prime Minister Lee Hsien Loong has responded to the polls setback by retiring three ministers including the minister in charge of housing. (Reporting by Kevin Lim; Editing by Anshuman Daga)