Singapore, 23 Apr 2021 SINGAPORE - Private home prices notched a sharper-than-expected jump of 3.3 per cent in the first quarter - surpassing the flash estimate of 2.9 per cent - as buyers snapped up units from new launches amid signs of an economic recovery, low interest rates and vaccine optimism.
This is the fourth consecutive price increase and the steepest quarterly increase since the second quarter of 2018, when private residential prices rose by 3.4 per cent before property curbs hit in July that year.
Data released on Friday morning (April 23) by the Urban Redevelopment Authority (URA) showed that for the first quarter of this year, the price rise was 3.3 per cent, well over its flash estimate of 2.9 per cent and higher than the 2.1 per cent growth in the fourth quarter of last year.
Foreign buyers seem to be coming back to the property market in Singapore, with those from China the top buyers, said Ms Christine Sun, OrangeTee & Tie's senior vice-president of research and analytics.