ARTICLES

Singapore Private Residential Property Price Index

Updated: 27 April 2014




  • This chart plots the Singapore Private Residential Property Price Index and its percentage over the previous quarter. The index, compiled quarterly by URA, is the ratio of the current price per square metre compared to that in the 4th Quarter of 1998. It is used to used to monitor the price movement of all private residential properties in Singapore and is based only on caveats lodged with "option exercised" as grounds of claim.
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  • A caveat is usually lodged by property purchasers to protect their interest soon after an option to purchase a property is exercised or a sale and purchase agreement is signed. Stamp duties, legal and agency fees and other professional fees are excluded from the property prices. The index also exclude en bloc sales as the prices of en bloc sales are usually higher than normal.
Singapore Property Price Index Chart

Highlights:

  1. Prices of private residential properties decreased by 1.3% in 2014Q1, registering its second consecutive quarter of decline. Year-on-year, the index has declined by 0.8%.
  2. Transactions has seen a sharp drop and prices have fallen as home buyers are hard hit by the total debt servicing ratio (TDSR) framework introduced by MAS in June 2013. The TDSR framework requires financial institutions, when granting property loans to individuals, to ensure that a borrower's monthly total debt repayments do not exceed 60 per cent of gross monthly income. Investors sentiment have definitely taken a hit and any sudden event which causes a slow down or recession may cause the price decline to accelerate as seen in past cycles.

Figures at a glance...

  2014Q1 2013Q4 Change
Private Residential Property Price Index 211.6 214.3 -1.3%