Singapore saw private home prices increase for a third consecutive quarter by 2.1% q-o-q during the fourth quarter of 2020 – the steepest quarterly increase in over two years. For the whole of 2020, private home prices rose 2.2%, down from the 2.7% increase registered in 2019. Last quarter’s price hike was mainly driven by non-landed properties within RCR as well as CCR, which saw prices increase 4.4% and 3.2% q-o-q. Non-landed property prices in OCR climbed 1.8% q-o-q. “The growth in prices is testament to strong underlying demand and ample liquidity in the private residential market,” said Wong Xian Yang, Associate Director of Research at C&W. Lee Sze Teck, Director of Research at Huttons Asia, noted that the mild increase in prices shows that the government policies “are still effective in curbing prices and ensuring a stable market”. URA data showed that a total of 20,909 private homes, excluding ECs, were sold in 2020, up 9.2% from 2019’s 19,150 units. New home sales inched up by 0.7% to 9,982 units in 2020 from the 9,912 units shifted in 2019. For Q4 2020, new home sales stood at 2,603 units, down from the 3,791 units sold in the previous quarter.... Continue Reading