Private home prices in the second quarter rose at a slower pace than the previous quarter indicating that the red-hot property market might be cooling down.
This is according to the latest flash estimates from the Urban Redevelopment Authority (URA).
The price index rose 1.9% to 202.8 points, compared with the 2.2% increase in the previous quarter.
URA said the rate of price increase has moderated for seven consecutive quarters, since the fourth quarter of 2009.
For the second quarter of this year, non-landed residential properties in the prime city area, or core central region, increased by 1.6%.
The city fringe areas, or rest of central region, posted a 1.2% increase.
And suburban areas, or outside central region, also showed an increase of 1.6%.
The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold.
Source: Channel News Asia