Singapore home prices break from two quarters of decline
Property curbs had taken a toll on the private residential property market toward the end of 2018
Private home prices in Singapore were up 1.3 percent in the three months to the second quarter of 2019, according to flash estimates by the Urban Redevelopment Authority.
URA’s private residential property index hit 150.5 points in Q2 2019, up from 148.6 points in the first quarter. It marks a new peak for the index since Q1 2014.
The increase comes on the heels of two consecutive quarterly declines attendant on the issuance of cooling measures in 2018. The first quarter registered a drop of 0.7 percent for private home prices, following a drop of 0.1 percent in the fourth quarter of last year.
More: Singapore’s former budget terminal takes flight
In the second quarter of 2019, non-landed private home prices registered increases in the Core Central Region, where they were up 1.5 percent, Rest of Central Region (up 3 percent), and Outside Central Region (up 0.5 percent). For perspective, prices had been down 3 percent, 0.7 percent, and 0.2 percent in those regions, respectively, in the first quarter.
Landed homes, on the other hand, saw their prices rise 0.2 percent in the second quarter, compared with a 1.1 percent rise in Q1 2019.
The URA sourced flash estimates from transaction prices as reflected on stamp duty payments as well as data from developer sales until June.
Recommended
6 reasons why Bang Na is Bangkok’s hidden gem
This Bangkok enclave flaunts proximity to an international airport, top schools, and an array of real estate investment options
AI transforms Asia’s real estate sector: Enhancing valuation, customer interaction, and sustainability
From property valuation to measuring sustainability, AI is impacting nearly every aspect of Asia’s real estate industry
Bangkok’s luxury real estate flourishes amid economic challenges
New luxury mega projects boost the top end of Bangkok’s market, but stagnancy reigns elsewhere due to weak liquidity and slow economic growth
Investors shift focus to suburban and regional markets as Australian urban housing prices surge
Investors are gravitating to suburban areas and overlooked towns as Australia’s alpha cities see skyrocketing demand and prices