Resale Prices of Private Property Fall Further in June 2014

A tentative report by the Singapore Property Exchange showed that resale prices of private property dropped another 1.4% in June. Prices are at the lowest over the last 1 1/2 years since Dec 2012. Starting at the Core Central Region (CCR) and moving outwards through the Rest of Central Region (RCR) and Outside of Central Region (OCR), the prices fell 1.7, 3.2 and 0.3% respectively. The OCR prices dropped the least because the properties here have lower prices. The CCR and RCR properties have to deal with unsold units and curbs on resale such as ABSD. Encouragingly, the number of resale units that exchanged hands has increased 7.9% to about 452 units.