Singapore, 30 Apr 2021 Ishwinder Kaur and her husband spent more than two years looking to buy their first home in Singapore, hoping property prices would dip during the hunt.
The couple finally bought their apartment in December after prices rose in all but one quarter last year, even as the city state posted its worst recession during the COVID-19 pandemic.
“We got really worried because we saw that people were snapping up homes left, right and centre,” said Kaur.
House prices rose again in the first quarter, with the private home market up 3.3%, its steepest rise in nearly three years, fueling expectations the government is likely to intervene soon to calm the market.
Foreign demand is also returning, according to property consultants OrangeTee, helping boost sales of luxury homes to their highest since the third quarter of 2017.