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1.1% drop in URA's Q2 private home price index 'mild', say analysts

Market insiders say headline prices propped up by agents kicking back commissions to buyers

Kalpana Rashiwala

Published Wed, Jul 1, 2020 · 09:50 PM

URA

Singapore

THE Urban Redevelopment Authority's benchmark overall private home price index fell for the second consecutive quarter. It eased 1.1 per cent quarter-on-quarter (q-o-q) in Q2 2020 based on the flash estimate issued on Wednesday, after slipping 1.0 per cent in Q1 2020.

Suburban non-landed private home prices remained unchanged in the April to June period.

Property consultants generally said that a price decline in Q2 was to be expected, given the drop in transaction volumes during the circuit- breaker partial lockdown to contain the Covid-19 bug.

From April 7 to June 18, showflats were shut and property viewings disallowed.

All things considered - the severe setback in terms of disruption to business activity and movement of people during the circuit breaker - most consultants terme…