Singapore, 01 Apr 2021 Singapore home prices grew at a faster pace last quarter, stoking concerns that the government could join other nations that are introducing measures to calm the property market.
Private property values increased 2.9% in the three months ended March 31, preliminary figures from the Urban Redevelopment Authority showed Thursday. That’s the biggest gain since the second quarter of 2018.
Singapore’s property prices have recovered rapidly from a lockdown that lifted last June as low interest rates prompt buyers to look past a deep recession. In the past few months, the pace of gains -- from private apartments to public housing flats to luxury penthouses and bungalows -- has soared.
There’s a higher risk now that the Singapore government is eyeing property curbs, said Christine Sun, senior vice president of research and analytics at OrangeTee & Tie. “But the authorities are probably tracking closely other market indicators as well such as how the first-quarter GDP growth pans out, whether prices of properties are indeed outpacing economic recovery,” Sun said.