Singapore has introduced a slew of measures over the years to cool the property market. (AFP pic)SINGAPORE: Singapore private home prices rose for a seventh straight quarter, as the market remained resilient even as sales slowed. Rents gained.The price index rose 0.5% from the previous three months, the same pace as earlier estimated, according to figures released Friday by the Urban Redevelopment Authority.
Prices rose 0.9% in the first quarter (Q1).The increases underscore the demand that is sustaining what is already Asia’s most expensive city for buying or renting a private home. An average private property in the city-state costs nearly US$1.8 million, more than the likes of Hong Kong and Tokyo, according to a report published Thursday by the Urban Land Institute.Rents climbed 0.7%, accelerating from a 0.3% increase in Q1.Wealthy citizens and a growing pool of well-to-do immigrants have sustained the housing market, aided by low borrowing costs. Some developers held back on project releases during the holiday season, which meant June was the slowest month for new home purchases in more than two years.
Realtor Huttons Asia Pte estimates that just 7,000 private residential units will be launched this year - the lowest pipeline volume since 2023.Still, developers sold 2,141 units in the quarter, 6% more than the first three months of the year. That is likely to accelerate in coming months as the project drought eases, unleashing pent-up demand that could fan prices. Authorities have introduced a slew of measures over the years to cool the property market.
Most locals live in more affordable government-built housing, where second-hand prices have also surged in recent years. The government has ramped up supply for both public and private housing in a bid to counter that, with prices decreasing 0.3% in the so-called resale market, a second straight quarter of declines. An average private property in Singapore costs nearly US$1.8 million, more than the likes of Hong Kong and Tokyo.
(EPA Images pic)SINGAPORE: Singapore private home prices rose for a seventh straight quarter, as the market remained resilient even as sales slowed. Prices rose 0.9% in the first quarter.The increases underscore the demand that is sustaining what is already Asia’s most expensive city for buying or renting a private home.
Summary from source