{"id":7638,"date":"2023-04-03T23:17:38","date_gmt":"2023-04-03T15:17:38","guid":{"rendered":"https:\/\/daily.sg\/?p=7638"},"modified":"2023-04-04T14:40:04","modified_gmt":"2023-04-04T06:40:04","slug":"q1-estimate-of-private-residential-property-price-index-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/daily.sg\/2023\/04\/q1-estimate-of-private-residential-property-price-index-what-you-need-to-know\/","title":{"rendered":"Q1 Estimate of Private Residential Property Price Index &#8211; What You Need to Know?"},"content":{"rendered":"\n<ul>\n<li><strong>Private residential property index increased by 3.2% in 1st Quarter of 2023<\/strong><\/li>\n\n\n\n<li><strong>Core Central Region prices rose by 1.0%<\/strong><\/li>\n\n\n\n<li><strong>Sale transaction volume fell in 1st Quarter of 2023<\/strong><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe loading=\"lazy\" title=\"Q1 Estimate of Private Residential Property Price Index - What You Need to Know (3 Apr 2023)\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/Aqy2CkhOOcE?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p>In the first quarter of 2023, Singapore&#8217;s home prices were like mountains, slowly rising. <\/p>\n\n\n\n<p>The Urban Redevelopment Authority (URA) shared an estimate about the Private Residential Property Price Index, and we will talk about it today.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A Growing Price Index<\/h2>\n\n\n\n<p>The private residential property index climbed by 6.0 points, from 188.6 in the 4th Quarter of 2022 to 194.6 in the 1st Quarter of 2023. <\/p>\n\n\n\n<p>This was like a small bird taking off, a 3.2% increase compared to the tiny 0.4% increase in the previous quarter.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Different Regions, Different Stories<\/h2>\n\n\n\n<p>In the Core Central Region (CCR), home (non-landed private residential property) prices grew by 1.0%, like a young tree growing taller. <\/p>\n\n\n\n<p>In the Rest of the Central Region (RCR), prices increased by 4.0%, almost like a race car speeding up. <\/p>\n\n\n\n<p>But in the Outside Central Region (OCR), prices increased by 1.9% after a 2.6% drop in the previous quarter, as if the wind had changed direction.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What About Sales?<\/h2>\n\n\n\n<p>In the 1st Quarter of 2023, sales went down like a deflating balloon. <\/p>\n\n\n\n<p>It fell about 8% from the 4th Quarter of 2022 and about 38% from the 1st Quarter of 2022.<\/p>\n\n\n\n<h1 class=\"wp-block-heading\">Actionable and Practical Takeaways<\/h1>\n\n\n\n<ul>\n<li>Keep an eye on the Private Residential Property Price Index for future changes<\/li>\n\n\n\n<li>Research the different regions in Singapore for potential investments<\/li>\n\n\n\n<li>Stay updated on the real estate market to make informed decisions<\/li>\n<\/ul>\n\n\n\n<p>So, what does all this mean?<\/p>\n\n\n\n<p>The flash estimate of Private Residential Property Price Index tells us that home prices in Singapore are rising. <\/p>\n\n\n\n<p>But sales are falling.<\/p>\n\n\n\n<p>It is important to remember that these numbers are just a sneak peek, like peering through the curtains before the show starts.<\/p>\n\n\n\n<p>The <a href=\"https:\/\/www.ura.gov.sg\/\" target=\"_blank\" rel=\"noopener\" title=\"\">URA<\/a> will share more on April 28, 2023. Until then, let us watch and see what happens.<\/p>\n\n\n\n<p><em>What are your thoughts on these changes in Singapore&#8217;s residential property prices?<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dive into the Q1 2023 Residential Property Price Index report in Singapore and understand the price changes while pondering on what this means for residents?<\/p>\n","protected":false},"author":8,"featured_media":7644,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[437,28],"tags":[832,833,834,831],"_links":{"self":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts\/7638"}],"collection":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/comments?post=7638"}],"version-history":[{"count":5,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts\/7638\/revisions"}],"predecessor-version":[{"id":7654,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/posts\/7638\/revisions\/7654"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/media\/7644"}],"wp:attachment":[{"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/media?parent=7638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/categories?post=7638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/daily.sg\/wp-json\/wp\/v2\/tags?post=7638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}