The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 20151.
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance (excluding ECs):
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The Urban Redevelopment Authority (URA) released today the real estate statistics for 1st Quarter 20151.
Private residential market at a glance (excluding ECs):
RENTALS for private condos, apartments as well as HDB flats continued to come under pressure in October, latest SRX flash estimates show.
Market watchers blame this on the tightened inflow of foreign talent crimping leasing demand on the one hand and a ramp-up in private home completions. Moreover, HDB upgraders are choosing to put their flats up for rent after they have moved into their new private condos given current weak buying demand for HDB resale flats due to the 30 per cent mortgage service ratio cap.
Resale prices of non-landed private homes fell 1.3 per cent from the previous month, while resale volume was flat, according to flash estimates from the Singapore Real Estate Exchange.
SINGAPORE: The resale prices for non-landed private homes continued its downward trend in July, falling 1.3 per cent month-on-month, according to flash estimates from the Singapore Real Estate Exchange (SRX) on Monday (Aug 11).
SRX said the decline represented a 21-month low since October 2012 and the fall in prices was felt in all three regions. Prices for the Core Central Region fell the most with 4 per cent, while Rest of Central Region and Outside Central Region dropped 1.1 per cent and 0.6 per cent respectively.
INITIAL reports of the property market's demise appear to have been slightly exaggerated.
After policymakers imposed strict curbs on consumer loans last June under total debt servicing ratio (TDSR) rules, analysts predicted that private home prices would plunge by up to 10 per cent this year.
Some warned that home sales could grind to a near halt, quipping that TDSR actually stood for "total destruction of Singapore real estate".
So far, however, the slowdown in prices has been far milder than expected.
As the housing market moves into the peak rental season, the Core Central Region (CCR) continues to struggle to regain the rents it commanded before the global financial crisis.
According to the Singapore Real Estate Exchange’s (SRX) Rental Price Index for non-landed private homes, rents in the CCR are now down 1.9 per cent from their pre-crisis peak. The CCR consists of the city centre including high-end areas such as Orchard, River Valley, Bukit Timah, Holland Road, Harbourfront and Sentosa Cove. In contrast, rents in the Rest of Central Region (RCR), or city fringes, and the Outside Core Region (OCR), or suburbs, have exceeded their pre-crisis price peaks by more than 8 per cent.
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The property curbs over the past few years have slowed home lending and are squeezing speculators out of the market, the central bank said yesterday.
But it warned that prices remain high, mortgage debt is still rising and some households could be hit if interest rates rise.
Home loans grew 12 per cent in September from the same month last year, down from a peak of 22 per cent growth in September 2010, the Monetary Authority of Singapore (MAS) said in its Financial Stability Review 2013 report.