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Prices of private homes in Singapore are expected to rise by between 1 and 5 per cent this year, analysts say, after clocking a 2.5 per cent gain in 2019.
At 2.5 per cent, the price growth moderated from the 7.9 per cent clip in 2018, the Urban Redevelopment Authority's (URA) flash estimate showed.
For the fourth quarter of 2019, the overall price index for private homes was up 0.3 per cent - led by the landed segment - over the prior quarter, compared to 1.3 per cent in Q3 2019. This marks the third consecutive quarter in 2019 where private home prices went up.
Nicholas Mak, head of research & consultancy at ERA Realty, noted that the private residential overall price index has been gradually rising, and is now "only 0.8 per cent lower than the previous peak in Q3 2013".
Still, with prices rising by a much smaller margin in 2019 vis-a-vis 2018, Cushman & Wakefield's head of research for Singapore and South-east Asia Christine Li said: "This strengthens the notion that there is no excessive exuberance in the Singapore residential market and prices are likely to stay in line with economic fundamentals and affordability. There is thus no need for the government to intervene at this juncture, as the market is finding its own equilibrium."
In the fourth quarter of last year, prices of landed property rose 4 per cent, after edging up 1 per cent in Q3 2019. Dr Lee Nai Jia, head of research at Knight Frank, said: "The improvement in prices of landed properties could be due to sustained interest from buyers, who feel that landed homes are good assets for wealth preservation amid the uncertain economic outlook. The increase could also be reflective of the higher prices of choice landed properties which transacted in Q4."
Real estate related news stories from Singapore
- CBD Grade A office rentals likely to be flat this year
- Prices of HDB resale flats sold in Q4 2019 rise 0.4%
- Private home prices expected to rise this year after 2.5% gain in 2019
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