Private Homes Slide 5.9% in 2Q 2009
The Urban Redevelopment Authority (URA) has flashed its figures for the 2nd quarter, showing a softer slide as compared to the previous quarter this year.
Based on the estimated price index of private residential property, prices fell from 139.9 points in the 1st Quarter 2009 to 131.7 points in the 2nd Quarter 2009. This represents a decline of 5.9%, compared with the 14.1% decline in the previous quarter .. (source, URA)
Despite having such results which surprised many analysts, we know that the market was moving tremendously towards the 2nd half of the 2nd quarter as primary sales surges and developers readjusting their launch prices upward.
It’s a dilemma situation where sentiments over-rule the current economy situation as local buyers are now pouring back into the market to avoid missing any possible bubble that our local real estate industry might be creating.
Buying, anyone? ;)