Residential property prices up by 3.3% in Q1

Rental prices for residential units also increased by 2.2% in the same quarter.

The Urban Redevelopment Authority (URA) has reported that Q1 saw a growth of 3.3% in private residential prices. This is compared to the 2.1% increase recorded in the previous quarter.

Landed properties increased by 6.7%, whilst non-landed properties increased by 2.5%.

Rentals also increased in the same quarter for private residential properties. URA reported an increase of 2.2% compared with the 0.1% increase in the previous quarter.

Rentals of landed properties increased by 0.6%, whilst non-landed properties increased by 2.4%.

Developers launched a total of 3,716 uncompleted private residential units for sale, excluding ECs, in Q1. The total number of private residential units sold in the same period tallies at 3,493.

OrangeTee commented that pent-up demand with massive fiscal stimulus and still-low mortgage rates continue to prop up home prices. Not only in Singapore, property prices are likewise accelerating accross Asutralia, China, US, India, Canada, and parts of Europe.

With many Singaporeans shifting back from overseas and working in the country, occupancy rates were seen to remain high at 93.6% last quarter for private residential properties.

Many tenants were said to have renewed their leases in Singapore as travel restrictions continue to be in place in other countries.

As fewer homes have been available for lease in the market due, this helped prop up rents in the recent months.