Revised URA Property Price Index – 2015
On 1 April 2015, The Urban Redevelopment Authority (URA) has released the flash estimate of the private residential property price index (PPI) for 1st Quarter 2015, which has been computed using an improved methodology.
Revision of the URA PPI
URA’s private residential PPI reflects the broad price trends in Singapore’s private residential market. It also serves a good guage of the current property investment Singapore trend. Since the last revision to the PPI methodology in 2000, the private housing market has become more diverse. For instance, there is greater variation in the unit size and age of private housing developments. To ensure that the PPI remains robust, URA Property Price Index was reviewed and improved.
URA Property Price Index – 2014
URA Property Price Index By Types of Property
URA Property Price Index is a performance gauge of property prices in the Singapore private property market. The below chart is showing the period between 1997 to 2014 on quarterly basis. I am not sure about you but i think we are fortunate to get regular free updates of this URA Property Price Index information as it is one of the most useful tools to gauge the entry timing into Singapore property market. You may not get this similar information in many other countries.
There are two arrows in red added to this URA property price index chart. One arrow is to indicate the 3rd round of property cooling measure in this current property cycle, i.e. increasing the holding period of seller’s stamp duty. This was also followed by several other rounds of property cooling measures. It was the most deadly TDSR which was announced on 23 June 2013 to cause a sharp turn from the historial peak of URA Property Price Index especially for the residential properties. Other property types, i.e. offices, retail and shops are reaching its peak with a flat growth.
Residential Property Price Index
Residential Property Price Index is used to monitor the price movement of all private residential properties in Singapore. Residential Property Price Index based only on caveats lodged and this does not include other fees such as agent fees, stamp duty, valuation fees and etc. All the five property categories namely Detached, Semi-Detached, Terrace, Apartment and Condominium show signs of weakness especially for detached, i.e. a drop of 5 consecutive quarters.