Singapore private home prices rise by faster 0.8% pace in Q3: URA flash data

SINGAPORE – Despite the Covid-19 pandemic and a recession, prices of private homes in Singapore picked up in the third quarter as Singapore entered phase two of its reopening after a nearly two-month-long circuit breaker.

The overall price index for private residential properties rose by 0.8 per cent, faster than the 0.3 per cent rise in the first quarter, flash estimates from the Urban Redevelopment Authority (URA) on Thursday (Oct 1) showed.

It comes after private home prices dropped 1 per cent in the first quarter of 2020, their first quarterly decline in a year.

Prices of private homes in the city fringes or rest of central region rose 3.3 per cent, compared to the 1.7 per cent drop in the previous quarter, while prices in the outside central region gained 1.7 per cent, compared to the 0.1 per cent increase in the previous quarter.

Only prices of non-landed private homes in the prime areas or core central region declined in the third quarter, falling 4.9 per cent compared to the 2.7 per cent increase in the previous quarter.

URA’s flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-September.

The data will be updated on Oct 23, when URA releases its full set of real estate statistics for third quarter.

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