Singapore home prices up amid property curbs speculation

26-Jan-2021 Intellasia | TheStar | 6:52 AM Print This Post

Singapore home prices rose the most in more than two years in the final quarter of 2020, as speculation mounts that the government may impose measures to cool the market.

Property values increased 2.1 percent in the three months ended December 31, Urban Redevelopment Authority figures showed. That’s unchanged from the preliminary estimate earlier this month and the biggest gain since the second quarter of 2018, when prices climbed 3.4%.

A third consecutive quarter of price gains underscores resilience of the Singapore property market during the city’s worst recession. Home sales have also increased, climbing the most in six months in December.

For all of 2020, apartment prices on the island increased by 2.2%, less than the 2.5 percent in 2019, the figures showed. In 2018, they grew 7.9%.

The recovery has defied concerns that the housing market could slump as the coronavirus pandemic forces companies to slash jobs and wages. Instead, Singapore joins countries from Australia and New Zealand to the UK and the US where property markets have surged during the health crisis, as record-low interest rates fuel demand.


Category: Singapore

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