Pandemic-fuelled demand coupled with a depleting housing supply drove property prices in Singapore to new records last year. According to data from the Urban Redevelopment Authority (URA), the overall price index for private residential properties extended gains for a seventh consecutive quarter in Q4 2021, rising by 5 per cent quarter-on-quarter (q-o-q). Prices accelerated at a much faster pace last quarter compared to the 1.1 per cent in the preceding quarter, and it marked the highest quarterly increase since the second quarter of 2010 when prices increased 5.3 per cent. For the whole of 2021, overall prices jumped 10.6 per cent, which is the highest annual growth recorded since 2010, when prices climbed 17.6 per cent. In contrast, prices gained just 2.2 per cent in 2020.