During the third quarter, private property prices fell more rapidly. They now stand equivalent to prices during the first part of 2011.
This was predicted for a quarter which saw only a single high profile release – High Park Residences – which was priced for sale in EL Development West Coast Condo. As more mature options and resale properties have made up the majority of exchanges, prices have predictably fallen.
They dropped 1.3% from July to September, following a drop of 0.9% from April to June. These figures were published by the Urban Redevelopment Authority.
Private Property Prices for West Coast Condo
The situation echoes other expected declines, especially the one following the publication of URA figures earlier in the month in West Coast EL Development Condo.
For eight consecutive quarters, prices have dropped. The most recent dip represents the most rapid rate of degradation since the downturn began during the third quarter of 2013.
The prices have dropped around 8% on this part of 2013, but the situation is still unlikely to convince the government to relax its cooling policies in EL Development West Coast Vale Condo.
According to chief of ERA Realty, Eugene Lim, the government appears to be pushing for a double figures price reparation.
The price of non-landed private properties dropped sharply throughout all areas. They dipped by around 1.2% across the key central areas and 1.6% across the urban outskirts and the suburbs. At present, they have decreased by around 8.6%, 9.4%, and 6.7%, respectively, on what they were in 2013.
EL Development West Coast Vale Condo
The drop in suburban West Coast Vale Condo condo prices during this period was the sharpest since prices started to dip during the final quarter of 2013.
A possible explanation for this could be the High Park Residence properties, which were completed in July. At the close of last month, a total of 1,245 units (with average prices of less than $1,000 per sq foot) had been purchased for EL Development Condo.
Yet, suburban prices might drop even more sharply over the next quarter, according to Lim.
He said: “The typical suburban property investor has a lot of options. They can choose new completions, which are mostly located in the suburbs. Or they can choose premium condos, as there has just been an increase in the salary restrictions.”
He added, “The developers of older ventures are now hoping to offload properties in EL Development West Coast Condo, via moves like price tweaks for certain units. This is evidence in situations where two investments might be emerging (at one time) or where there are a number of emerging ventures within one region.”
As regards the outskirts of for West Coast Vale Condo urban areas, there might be a more sluggish drop in prices during the final quarter, as a result of the release of Principal Garden and Thomson Impressions.
If there is a lack of new high profile releases – of a minimum 500-700 units – there is likely to be a less reliable index. This is more likely than in periods where an area has one or several ventures of this scope and you have a 25-30% take up.
EL Development Condo Prices
During the final quarter, private property rents dropped by 0.6%. This is a smaller decline than the 1.1% drop of the second quarter.
The robust increase in finished supply has not been equaled by renting demand, which seems to have been lowered by government limitations on the use of overseas labour.
The total vacancy statistics were slightly more stable during the final quarter, with a drop of 0.1% to 7.8%.
The non-landed vacancy statistics were 0.1% less and now stand at 9.1%.