HDB resale prices fell 1.3% in Q4 2013

Both public and private housing prices in Singapore have finally come down after a series of Cooling measures.

HDB resale flat prices fell 1.3 percent in Q4 2013, according to flash estimates from the housing board. The sharpest drop since 2005.

The Housing & Development Board’s (HDB) resale price index (RPI) declined 1.3 per cent to 202.1 in the fourth quarter of last year over the preceding quarter, its flash estimates revealed on Thursday 2/1/2014. It is the second consecutive drop for the index in 2013.  resale flat prices fell 0.9 percent in Q3.

The recent falling resale prices can be due to various government’s cooling measures to cool the public housing market such as, reducing the Mortgage Servicing Ratio cap of 30 per cent and the maximum loan term of 25 years for HDB mortgage loans, three-year wait for new Permanent Residents before they can buy resale HDB flats, and allowing singles to buy two-room BTO flats in non-mature estates. Thus, reducing the resale demand.

I foresee 2014 to be a quiet year for the HDB resale market.

Resale Price Index from 1st Quarter 1990 to 4th Quarter 2013 (Flash Estimate) – HDB

Year
Quarter
Index
% Change from Previous Quarter
2013
IV (Flash Estimate)
202.1
-1.3%
III
204.8
-0.9%
II
206.6
0.5%
I
205.5
1.3%
2012
IV
202.9
2.5%
III
197.9
2.0%
II
194.0
1.3%
I
191.6
0.6%
2011
IV
190.4
1.7%
III
187.2
3.8%
II
180.3
3.1%
I
174.8
1.6%
2010
IV
172.0
2.5%
III
167.8
4.0%
II
161.3
4.1%
I
155.0
2.8%
2009
IV
150.8
3.9%
III
145.2
3.6%
II
140.2
1.4%
I
138.3
-0.8%
2008
IV
139.4
1.4%
III
137.5
4.2%
II
131.9
4.5%
I
126.2
3.7%
2007
IV
121.7
5.7%
III
115.1
6.6%
II
108.0
3.0%
I
104.9
1.3%
2006
IV
103.6
1.0%
III
102.6
-0.2%
II
102.8
1.0%
I
101.8
0.2%
2005
IV
101.6
0.4%
III
101.2
-0.4%
II
101.6
-4.8%
I
106.7
0.1%
2004
IV
106.6
1.0%
III
105.5
0.1%
II
105.4
1.2%
I
104.1
0.2%
2003
IV
103.9
1.2%
III
102.7
2.4%
II
100.3
2.1%
I
98.2
1.6%
2002
IV
96.7
0.0%
III
96.7
1.0%
II
95.7
0.2%
I
95.5
-0.8%
2001
IV
96.3
-1.4%
III
97.7
-2.0%
II
99.7
-1.6%
I
101.3
-3.4%
2000
IV
104.9
-2.2%
III
107.3
-2.2%
II
109.7
-1.3%
I
111.1
0.6%
1999
IV
110.4
2.2%
III
108.0
8.1%
II
99.9
1.4%
I
98.5
-1.5%
1998
IV
100.0
-3.5%
III
103.6
-4.3%
II
108.3
-4.2%
I
113.0
-7.1%
1997
IV
121.7
-6.0%
III
129.4
-4.1%
II
134.9
-1.0%
I
136.3
-0.4%
1996
IV
136.9
2.7%
III
133.3
6.0%
II
125.7
12.8%
I
111.4
9.3%
1995
IV
101.9
8.9%
III
93.6
5.9%
II
88.4
11.6%
I
79.2
4.5%
1994
IV
75.8
0.4%
III
75.5
5.6%
II
71.5
2.6%
I
69.7
2.8%
1993
IV
67.8
2.9%
III
65.9
20.3%
II
54.8
31.1%
I
41.8
5.6%
1992
IV
39.6
2.3%
III
38.7
2.1%
II
37.9
6.2%
I
35.7
2.9%
1991
IV
34.7
-0.6%
III
34.9
-0.9%
II
35.2
2.0%
I
34.5
1.2%
1990
IV
34.1
-1.4%
III
34.6
2.4%
II
33.8
0.6%
I
33.6

Click on picture to view full chart:

RPIChart4Q13FlashEstSmall
Source: Straits Time, HDB.
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