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|
(Source: URA Media Release)