Singapore private home prices unexpectedly rise to 5-year high in Q2

Summary:

Singapore property market saw a rebound in Q2 as buyers still widely regard Singapore as a safe haven and thus, proving Singapore Real Estate’s resilience towards curbing measures. According to the index shown by URA, the property index has rose 1.3% to 150.5 points as compared to 148.6 points in Q1 this year.

In the Core Central Region (CCR), prices of non-landed private homes increased by 1.5 percent while Rest of Central Region (RCR) saw an increment of 3 percent and Outside of Central Region (OCR) got a bump of 0.5 percent.

Ms Chrisitne Li from Singapore and Southeast Asia research at Cushman and Wakefield noted that this new data showed that investors are still positive in the future of Singapore given it is an international financial hub and that the uncertainty from the US-China Trade war did little to deter investors in investing in Singapore’s Real Estate.

The increase is largely due to the higher transaction prices from CCR and RCR  from several new launches in these areas including Amber Park, Sky Everton and Riviere as well as Boulevard 88, 3 Cuscaden.

Mr Ravi Menon from the Singapore’s central bank commented on the possibility of  new housing policies that he did not see “a need to shift gears significantly” since existing policies were showing signs of tempering market enthusiasm without risking a sell-off. “

Source:https://www.channelnewsasia.com/news/business/private-home-prices-ura-q2-2019-flash-estimates-property-11676188

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