Singapore, 22 Apr 2021 SINGAPORE: Private home prices in Singapore increased by 2.2 per cent last year despite the COVID-19 pandemic, driven mainly by non-landed properties and attractive offers dangled by developers, said analysts.
According to statistics released by the Urban Redevelopment Authority (URA) on Friday (Jan 22), prices of private residential properties in the fourth quarter rose 2.1 per cent from the previous three months. This is an increase from the 0.8 per cent rise seen in the third quarter.
The private residential property price index increased to 157 points in the fourth quarter, up from 153.8 points in the third quarter. This is unchanged from the flash estimates released earlier this month.
“Property markets around the world saw an unlikely boom during the worst economic fallout and health crisis in living memory,” said Ms Christine Sun, senior vice president of research and analytics at OrangeTee.
“Property prices have been rising and the uptrend is widespread across many countries including the US, Canada, Europe, China, Australia, and Asia. In some advanced cities, prices have even exceeded pre-crisis levels,” she added.