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Singapore private home prices jumped 10.6 per cent in 2021

SINGAPORE (CNA) – Private home prices in Singapore jumped 10.6 per cent in 2021, quickening from a 2.2 per cent increase the year before, according to flash estimates from the Urban Redevelopment Authority (URA) yesterday.

This was the highest annual growth since 2010, when private home prices rose 17.6 per cent, said OrangeTee and Tie’s Senior Vice President of research and analytics Christine Sun.

Overall, the private residential property index gained 8.3 points from the third quarter to reach 173.6 points in the fourth quarter of 2021.

“This represents an increase of five per cent, compared to the 1.1 per cent increase in the previous quarter,” said URA.

This was also the highest quarterly increase since the second quarter of 2010, when prices went up 5.3 per cent, said Sun.

Private non-landed homes in the Rest of Central Region (RCR) drove the increase, with prices rising at a faster rate of 7.3 per cent in the fourth quarter, compared to the 2.6 per cent in the preceding quarter.

Prices of non-landed private homes in the Core Central Region rose by 2.5 per cent, reversing a decline of 0.5 per cent in the previous quarter. In the Outside Central Region prices increased by 5.4 per cent in the fourth quarter, compared to the 0.1 per cent decrease in the third quarter.

Singapore introduced a package of measures on December 16 last year, aimed at cooling the property market. They include higher Additional Buyer’s Stamp Duty (ABSD) rates and a tighter Total Debt Servicing Ratio (TDSR).

Its impact “may not be felt” in the full-year figures for 2021, said Huttons Asia’s Senior Director of Research Lee Sze Teck.

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