Singapore house prices surge fastest in eight years, recovery seen

Singapore reported its biggest quarterly jump in first-quarter 2018 private home prices in nearly eight years on April 27, a 3.9 per cent growth that beat an earlier estimate of 3.1 per cent, indicating a long-awaited recovery, Reuters reported.

The pace of growth was the quickest since the second quarter of 2010 when home prices rose 5.3 per cent. The private residential property index increased 5.4 points to 144.1 points in the first quarter from 138.7 points in the fourth quarter of 2017, according to estimates by the Urban Redevelopment Authority.

Singapore’s housing market is recovering from a four-year slump that followed a series of government cooling measures. Prices rose 1.1 per cent in 2017, helped by pent-up demand and stronger economic growth.

The news came despite officials keeping a range of cooling measures in place, including an increase in taxes on home purchases exceeding one million Singapore dollars ($750,000), implemented in February this year.

“This is a clear indication that the market has rebounded,” said Desmond Sim, head of research for real estate consultancy CBRE for Singapore and Southeast Asia.

“I expect further price increases over the coming months on the back of rising land costs,” he added.

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Singapore reported its biggest quarterly jump in first-quarter 2018 private home prices in nearly eight years on April 27, a 3.9 per cent growth that beat an earlier estimate of 3.1 per cent, indicating a long-awaited recovery, Reuters reported.

Singapore reported its biggest quarterly jump in first-quarter 2018 private home prices in nearly eight years on April 27, a 3.9 per cent growth that beat an earlier estimate of 3.1 per cent, indicating a long-awaited recovery, Reuters reported.

The pace of growth was the quickest since the second quarter of 2010 when home prices rose 5.3 per cent. The private residential property index increased 5.4 points to 144.1 points in the first quarter from 138.7 points in the fourth quarter of 2017, according to estimates by the Urban Redevelopment Authority.

Singapore’s housing market is recovering from a four-year slump that followed a series of government cooling measures. Prices rose 1.1 per cent in 2017, helped by pent-up demand and stronger economic growth.

The news came despite officials keeping a range of cooling measures in place, including an increase in taxes on home purchases exceeding one million Singapore dollars ($750,000), implemented in February this year.

“This is a clear indication that the market has rebounded,” said Desmond Sim, head of research for real estate consultancy CBRE for Singapore and Southeast Asia.

“I expect further price increases over the coming months on the back of rising land costs,” he added.

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