THE rise in private property prices slowed to 3.7 per cent in the first three months of 2008, compared to the 6.8 per cent increase in the previous quarter.

In a statement released by Urban Redevelopment Authority (URA) on Friday, prices of non-landed properties rose 3.7 per cent in the first three months, compared with the 7.2 per cent increase in the previous quarter.

For landed properties, the price gain was 3.9 per cent in Q1 2008, which is less than 4.2 per cent increase in Q4 2007.

The rental market also posted slightly weaker gains, with rents rising 6 per cent in Q1 2008, compared with 6.8 per cent in the previous quarter.