Prices of private residential property in Singapore fell by 0.9 percent in the second quarter of 2015, according to flash estimates released by Urban Redevelopment Authority (URA) on Wednesday.

The estimated 0.9 percent decrease marked the seventh continuous quarter of price declines since the record hit high in September 2013.

Prices of non-landed private residential properties declined in all market segments, said URA. Prices of apartments in downtown area fell by 0.5 percent, higher than the 0.4 percent decline in the previous quarter. For the region of the city fringe, prices slipped 0.5 percent, compared to the 1.7 percent decrease in the previous quarter. Prices of apartments in the suburbs fell 1.2 percent, higher than the 1.1 percent decline in the previous quarter.

URA's flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and survey data on new units sold by developers during the first ten weeks of the quarter. Full real estate statistics for the second quarter will be updated four weeks later. Endi