SINGAPORE: Prices of private homes in Singapore rose at a quicker pace of 3.5 per cent in the second quarter of this year, five times the 0.7 per cent increase in the previous quarter.
The private residential property price index increased to 180.9 in the second quarter, up from 174.8 in the preceding three months, according to real estate statistics released by the Urban Redevelopment Authority (URA) on Friday (Jul 22).
Prices of non-landed properties increased by 3.6 per cent in the second quarter, compared to the 0.3 per cent decrease in the first quarter.
Such properties in the core central region rose by 1.9 per cent, while those in the rest of the central region went up by 6.4 per cent. Prices of non-landed homes outside the central region increased by 2.1 per cent in the second quarter.
Landed home prices increased by 2.9 per cent in the second quarter of this year, compared to the 4.2 per cent increase in the first three months of 2022.
Resale transactions accounted for about 62.2 per cent of all sale transactions in the second quarter. There were 4,236 resale transactions in the last quarter, compared to 3,377 units in the preceding three months.
OrangeTee & Tie’s senior vice president of research and analytics Christine Sun said buying sentiment picked up after most COVID-19 safe management measures were eased. On Apr 26, Singapore eased most of its COVID-19 measures, including group size limits.
Ms Sun said show flat and house viewings rose substantially, “significantly boosting the sector”.
“The private residential market saw a rebound as many developers ramped up launches and more buyers streamed back to the market last quarter,” she added.
She added that the number of non-landed homes excluding executive condominiums (ECs) bought by foreigners and non permanent residents rose from 144 units in the first quarter
to 292 units in the second quarter.
“Given the geopolitical and economic uncertainties in other Asian countries, Singapore has emerged as their top investment destination. We are one of the earliest nations to transit smoothly into endemic living, which has boosted foreign investors’ confidence,” she said.