Singapore, 23 Apr 2021 SINGAPORE — Prices of private apartments and public resale flats rose across the board in the first quarter of 2021. This was from data released by the Urban Redevelopment Authority (URA) and the Housing and Development Board (HDB) on Friday (April 23).
Property analysts expect this upward trend to continue for the private property and HDB resale markets in the coming months, giving reasons such as construction delays brought about by the pandemic, low interest rates, and rising demand from foreign investors.
Private property prices in Singapore rose by 3.3 per cent in the first quarter — surpassing the flash estimate of 2.9 per cent released by URA earlier this month. The jump seen in the first quarter is the steepest quarterly increase since the second quarter of 2018, when private residential prices climbed 3.4 per cent.
For resale prices in the public housing market, they notched up 3 per cent increases over those in the fourth quarter of the last year — the fourth consecutive quarter of increases.
Ms Christine Sun, senior vice-president of research and analytics at property firm OrangeTee & Tie, said that a recovering economy and low mortgage rates may propel demand and prices for private homes further.
“Singapore’s economy is expected to see a strong rebound this year on higher growth prospects for the manufacturing service sectors… The higher economic growth forecast will lift buyer sentiment and lend support to Singapore’s property market,” she said.