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For the whole of 2020, private home prices rose by 2.2% compared with 2.7% increase in 2019. Non-landed property prices in the Core Central Region (CCR) increased by 3.3% while prices in the Rest of Central Region (RCR) and Outside Central Region (OCR) rose by 4.8% and 1.7% respectively. Landed property prices on the other hand fell 2.1% in this quarter. 
 
Singapore private property prices have risen to its highest in two years as the overall price index for private residential properties increased 2.1% from the 3rd Quarter to the 4th.  
 
"This compares with a 0.8% increase in the previous quarter", said the URA.
 
The 4th Quarter increase of 2.1% is the steepest quarterly increase since the jump of 3.4% in the 2nd Quarter of 2018. Joining countries such as the UK, US, Australia and New Zealand, Singapore's property market is proving its resilience through the recession and the Covid-19 pandemic with a surge in property prices through this hard time. A good reason for the increase could be the number of new launch condominiums fueled by low interest rates.
 
It is also predicted that the prices for private properties may increase 1% to 4% in 2021. 
 

COMPARISON OF PROPERTY PRICE INDEX FOR 3RD QUARTER 2020 AND 4TH QUARTER 2020

  Price Index1 % Change over Previous Quarter
3Q/20 4Q/20 3Q20 4Q/20
All Residential
(1Q09=100)
153.8 157.0 0.8 2.1

Landed 
Property

176.6 172.9 3.7 -2.1
Non-landed
Property
148.8 153.6 0.1 3.2
CCR2/ 129.5 133.8 -3.8 3.3
RCR3/ 153.8 161.2 2.5 4.8
OCR 180.4 183.5 1.7 1.7

(Source: URA Media Release)