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Singapore: Private home prices up by 2.9% in 1Q

KUALA LUMPUR (April 1): Prices of private homes in Singapore rose by 2.9% in the first quarter of 2021 based on “official flash estimates released by the Urban Redevelopment Authority (URA)” today.

According to a report by Channel News Asia (CNA), “this followed a 2.1% increase in the previous quarter, and a 2.2% rise” for last year “amid the COVID-19 pandemic”.

The report also stated that the 1Q “private residential property index increased to 161.6 points, up 4.6 points from the previous quarter”.

Singapore Straits Times reported that this “is the steepest quarterly increase since the second quarter of 2018 when private residential prices rose by 3.4 per cent before property curbs hit in July that year”.

Year-on-year, prices have risen by 6.2%. 

Meanwhile, the prices for landed homes rose by 5.6%, “reversing a 1.6% decrease in the previous quarter, while that of non-landed homes rose by 2.1%, slowing slightly from 3% last quarter”, CNA stated based on the URA estimates.

OrangeTee & Tie senior vice president of research and analytics Christine Sun told the broadcaster that rising private home prices in the city state “are in tandem with the uptrend observed globally”.

"Pent-up demand bolstered by massive fiscal stimulus and still-low mortgage rates is propping up home prices worldwide," she said.

"This is probably due to ample liquidity chasing after limited supply in the market," said Huttons Asia research director Lee Sze Teck.

Lee added that “chances” of the republic implementing cooling measures to keep prices in check have been raised "a notch".

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