URA's Q3 private home price index posts 1.3% q-o-q rise

Singapore

THE 1.3 per cent quarter-on-quarter rise in Singapore's overall private home price index in the third quarter of this year created some excitement in property circles on Friday. This was because the rise was higher than the 0.9 per cent increase in the flash estimate released on Oct 1.

Here's a simple explanation of what happened: Based on the flash estimate, the overall private home price index rose 0.9 per cent, taking into account the 1.7 per cent growth in the non-landed private home price index and the drop of 2.2 per cent in the landed home price index.

The final Q3 data released by the Urban Redevelopment Authority (URA) on Friday showed that the non-landed index had appreciated at a lower 1.3 per cent but the landed index posted a surprising reversal, rising by 1.0 per cent. "The unexpected change in the landed index from -2.2 per cent (flash) to +1.0 per cent …