Quarter-on-quarter, private home prices went up by 1.1% and resale transactions increased to 5,362 units from 5,333 units.
Private home prices in Singapore increased 1.1% in the third quarter of 2021, higher than the 0.8% hike registered in the previous quarter, showed Urban Redevelopment Authority (URA) data on Friday (22 October).
Huttons Asia CEO Mark Yip noted that private property prices have appreciated by 5.3% in the first nine months of 2021, 8.3% from the circuit breaker in Q2 2020, and 21% from the bottom in Q2 2017.
Currently, private property prices are 6.9% above the previous peak in Q3 2013, he said.
In Q3 2021, landed property prices rose 2.6%, reversing the 0.3% decline seen in the previous quarter.
Non-landed property prices also climbed 0.7%, easing from the 1.1% growth posted in the previous quarter.
The Rest of Central Region (RCR) saw non-landed property prices increase 2.6% in Q3 2021, improving from the 0.1% growth in Q2 2021.
Non-landed property prices in the Core Central Region (CCR) dropped 0.5% in Q3 2021, reversing the 1.1% increase in Q2 2021. The Outside Central Region (OCR) also saw prices dip 0.1%, compared with the 1.9% hike previously.
Meanwhile, rentals for private residential properties grew 1.8% in Q3 2021, compared with the 2.9% jump registered in the previous quarter.
URA revealed that resale transactions increased to 5,362 units during the period under review, from 5,333 units in Q2 2021.
Resale transactions made up 59% of the total sale transactions in Q3 2021, compared with the previous quarter’s 63.1%.
In terms of launches, developers placed 2,149 units of uncompleted private homes, excluding executive condominiums (ECs), on the market in Q3 2021, down from 2,356 units in Q2 2021.
“Despite launching less projects and units for sale in Q3 2021, developers sold 3,550 units, the highest quarterly sales since Q2 2013,” said Yip.
“Strong sales were seen at the first two mass market launches of 2021, Pasir Ris 8 and The Watergardens at Canberra. The buying demand was driven in part by the robust HDB resale market where upgraders took the opportunity to upgrade.”
As at end-Q3 2021, there was “a total supply of 47,715 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals”, said URA.
Of this, 17,140 units remained unsold in Q3 2021, down from the 19,384 units in Q2 2021.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org.