Prices of private residential properties across the island marked their seventh straight quarterly growth. For the whole year, prices gained 10.6 per cent.
Pandemic-fuelled demand coupled with a depleting housing supply drove property prices to new records last year, OrangeTee & Tie senior vice-president of research and analytics Christine Sun said.
Ms Sun believes rental demand is likely to pick up further this year.
"In light of the new cooling measures, HDB flat owners who do not wish to pay the additional buyer's stamp duty (ABSD) may opt to sell their flats first before buying a new home and rent in the interim. Employment in industries decimated by the pandemic may also start picking up this year," she added.