Singapore private home prices rise by 2.2pc in 2020

Finance | 4 Jan 2021 12:26 pm

Private property prices in Singapore increasd by 2.1 percent in the fourth quarter of 2020 from the previous quarter, according to flash estimates by the Urban Redevelopment Authority (URA) on Monday. 

This compares with a 0.8 percent increase in the previous quarter, the  URA said, Channel News Asia reports. 

For the whole of 2020, private home prices increased by 2.2 percent, compared with the 2.7 per cent increase in 2019. 

Christine Sun, head of research and consultancy at OrangeTee & Tie, said that the fourth-quarter increase was the steepest quarterly increase since the second quarter of 2018, when prices increased by 3.4 percent quarter-on-quarter.

Prices were driven by the 'Rest of Central Region,' which was up by 4.8 percent in the fourth quarter, followed by the 'Core Central Region,' where prices increased by 3.3 percent. Prices in 'Outside Central Region' increased by 1.7 percent in the quarter. 

For the whole of 2020, prices in the Core Central Region fell by 0.2 percent while prices in the Rest of Central Region and Outside Central Region increased by by 5.1 percent and 3.1 percent respectively. 

"There were a number of new projects launched in the fourth quarter of this year that could have driven prices higher in these regions," said Sun. "Prices have also increased at many launched projects.''


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