SINGAPORE: Private home prices in Singapore rose 1.1 per cent in the third quarter, slightly above flash estimates released earlier this month.
The private residential property price index increased to 165.3 points in the second quarter, up from 163.5 points in the third quarter, according to the Urban Redevelopment Authority URA on Friday Oct 22 Prices were bolstered by landed homes, which increased by 2.6 per cent in the July to September period compared with the 0.3% decrease in the previous quarter.
Prices of non-landed properties increased by 0.7 per cent, easing from the 1.1 per cent increase in the previous quarter.
Overall private property prices have risen for a sixth consecutive quarter, noted Mr Edmund Tie, head of research and consulting at Lam Chern Woon.
He said that the bulk of the price growth during the pandemic can be attributed to the landed segment, where new economy wealth and other booming industries have driven demand.
We also observed sharp price growth in landed homes due to capital improvements or redevelopment carried out prior to sale, he said.