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Singapore: Private home prices pick up pace again, up 3.2% in Q1
PRICES of private homes in Singapore have accelerated in the first quarter of 2023, growing 3.2 per cent over the previous three months, according to the Urban Redevelopment Authority’s (URA) flash estimates on Monday (Apr 3).
This follows a marginal 0.4 per cent increase in Q4 last year.
Year on year, prices climbed 11.3 per cent, noted Christine Sun, OrangeTee & Tie senior vice-president of research and analytics. This comes despite a drop in sale transaction volume by around 8 per cent quarter on quarter, and by about 38 per cent year on year in Q1.
Prices of non-landed private residential properties increased 2.5 per cent quarter on quarter, after edging up 0.3 per cent in the prior quarter.
By region, prices of non-landed homes in the prime Core Central Region grew by 1 per cent, compared with the 0.7 per cent increase previously.
Prices in the city-fringe or Rest of Central Region hiked by 4 per cent, after registering an increase of 3.1 per cent in Q4. Those in the suburbs or Outside Central Region rose 1.9 per cent, swinging from a 2.6 per cent decline in the preceding three months.
Meanwhile, prices of landed private homes rose 5.7 per cent quarter on quarter in Q1, compared with an increase of 0.6 per cent previously.
The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment, and data on units sold by developers up until mid-March. The statistics will be updated on Apr 28, when URA releases its full set of real estate statistics for the first quarter of 2023.
“Past data has shown that the difference between the quarterly price changes indicated by the flash estimate and the actual changes could be significant when the change is small,” said URA. “The public is advised to interpret the flash estimates with caution.”
Source: https://www.businesstimes.com.sg/property/private-home-prices-pick-pace-again-32-q1