Singapore Home Prices Rise in Sign Market Is Still Resilient
Singapore property prices rose more than initially estimated last quarter, a sign of resilience more than a year after curbs were imposed to cool the housing market.
Private residential prices increased 1.3% in the three months ended September 30, latest data from the Urban Redevelopment Authority (URA) showed. That’s up from the preliminary estimate of a 0.9% gain.
Prices of landed properties increased 1% last quarter, compared with a 0.1% decline the previous quarter.
Still, there’s an overhang of unsold units in the city-state. At the end of the quarter, there was 50,964 uncompleted private residential units in the pipeline, up from 50,674 units in the previous quarter.
Other highlights from the URA figures:
- Developers launched 3,628 units for sale last quarter, compared with 2,502 units in the second quarter
- Prices of non-landed properties increased 1.3% in the third quarter, compared with a 2% gain in the previous quarter
- Rentals of private residential properties rose 0.1% last quarter, compared with a 1.3% increase in the second quarter