SG, 04 Jan 2021 Resale prices in the public housing market climbed 4.8 per cent in 2020, an increase from the 0.1 per cent rise in 2019, according to flash estimates released by the Housing and Development Board (HDB) on Monday (Jan 4). According to the flash estimates, prices in the fourth quarter of 2020 rose 2.9 per cent over that in the previous quarter. Prices in the third quarter of 2020 increased by 1.5 per cent.
The price increase in the fourth quarter of 2020 was the largest quarterly rise in about 10 years, said OrangeTee & Tie's head of research and consultancy Christine Sun. The last high was recorded in the third quarter of 2011, with a 3.8 per cent increase. "The market recovery can be attributed to the slew of policy changes made over the past two years to make public housing more affordable for Singaporeans and enhance the attractiveness of older flats," said Ms Sun. "Many new flats which command higher prices have also been transacted over the past few months, which may have ‘uplifted’ the overall price index last quarter."