Private home prices in OCR up 7.5%, the largest quarterly growth since Q3 2009

Prices of high-end non-landed private home projects went up to $2,544 psf.

The prices of Savills’ basket of expensive non-landed private homes went up to an average of $2,544 per square foot in the third quarter (Q3) of 2022, Savills said.

This is due to the record-high growth in private non-landed home prices in Outside Central Region, with 7.5% increase. This is the highest quarterly growth in 13 years since Q3 2009, 

The Urban Redevelopment Authority’s property index also increased for the 10th consecutive quarter by 3.8% quarter-on-quarter.

Due to these trends, Savills revised its full-year price forecast from 7% to 10%.

“For 2023, if floating mortgage rates rise to 5% and remain sticky, prices may still rise by 7%,” it said.

The increase is mainly impacted by the high cost of production