The latest figures from Urban Redevelopment Authority (URA) show that private home prices increased by 7.4% in the last quarter of 2009. This compares with the 15.8% rise in the preceding quarter.

Prices for non-landed properties increased by 7.2% in 4th Quarter 2009. This was markedly reduced from the 15.9% increase in the previous quarter. In 4th Quarter 2009, prices of apartments and condominiums increased by 9.7% and 6.1% respectively. For the year 2009 as a whole, non-landed property prices rose by 0.5%.

A larger gain of 8.3% was recorded for the prices of landed properties in 4th Quarter 2009. This segment saw a 14.9% increase in the preceding quarter. Prices of detached, semi-detached and terrace houses increased by 7.9%, 7.6% and 9.4% respectively in 4th Quarter 2009. The whole of year 2009 saw prices of landed properties gained by 7.7%.

URA added that “the prices of private residential properties are not uniform and vary from project to project.”

“We are seeing signs of stability and the potential for sustained growth,” said PropNex CEO Mr Mohamed Ismail. He had earlier commented that the price index’s sudden and sharp recovery in 3rd Quarter 2009 was unlikely to continue at that rate.