Prices of non-landed homes to inch up 0.3% in 4Q12

Go and get one.

According to Knight Frank, the number of unsold private residential units fell by 4.3 per cent from 39,408 units in 2Q 2012 to 37,728 units in 3Q 2012.

This is partially due to the increase in the number of units sold by developers from 5,402 units in 2Q 2012 to 5,916 units in 3Q 2012 (9.5 per cent increase q-o-q).

However, total private residential supply in the pipeline, including units under construction and planned, increased 0.9 per cent q-o-q to 83,975 units in 3Q 2012.

The increase in pipeline supply together with the rising vacancy rate (from 5.9 per cent in 2Q 2012 to 6.1 per cent in 3Q 2012) amidst existing cooling measures might put downward pressure on prices of private residential properties in the near to medium term.

In view of the existing market conditions, we envisage prices of non-landed homes to remain stable and could register marginal increase of around 0.1 to 0.3 per cent for the last quarter this year.

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