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|July 01,2009

Private property prices see confident correction

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After a record plunge last quarter, URA’s price index at 131.7, as released in today’s flash estimate, is further evidence that a correction has taken place in Singapore property market.

The relatively lower drop of 5.9% over the last quarter (which plummeted 14.1% from the previous quarter) reveals a growing positive sentiment and market confidence, states PropNex CEO Mohamed Ismail.

“The Outside Central Region, which is estimated to decrease by only 2.6%, has already stabilized and should not see any further drops over the next few quarters,” he says. In fact, he goes on to predict that it can even be expected to go up slightly in the next two quarters.

Mr Ismail observes that the Core Central and Rest of Central regions, with expected drops of 6.6% and 6.3% respectively, still show signs of lukewarm market sentiment. “These areas will take more time to recover,” he says, “a process that may take one to two more quarters.”

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