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by OrangeTee & Tie Pte Ltd.

Private home price growth moderates to 0.8% q-o-q in 2Q2021, driven by upgrader demand

URA Quarterly Data

URA Quarterly Data


Singapore, 24 Jul 2021

SINGAPORE (EDGEPROP) - The URA overall private residential price index showed a 0.8% q-o-q increase in 2Q2021, a deceleration from the 3.3% rise in the previous quarter. “As private home prices have already grown 6.6% from 2Q2020 to 1Q2021, continued strong quarterly price increases may not be sustainable as prices could reach resistance levels,” says Ong Teck Hui, JLL senior director of research & consultancy. (See also: [UPDATE] Projects completing between now and 2023: What to look out for)
This 0.8% increase in 2Q2021 is slightly lower than the 0.9% flash estimate increase on July 1. Residential price growth in 2Q2021 was driven by the non-landed segment, particularly the suburban or Outside Central Region (OCR), where prices rose 1.9% q-o-q, after a 1.1% increase the previous quarter. “Stronger price growth in OCR was supported by healthy demand for entry-level condos from HDB upgraders on the back of a robust performance in the HDB resale market in recent quarters,” says Wong Xian Yang, Cushman & Wakefield (C&W) head of research, Singapore.
HDB resale price index rose 3% q-o-q in 2Q2021, extending the quarterly 3% increase of the previous quarter. It was up 11 y-o-y in 2Q2021.

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