Singapore housing prices rise in third quarter of 2020-21 amid rumours of property curbs

According to Urban Redevelopment Authority figures, Singapore home prices rose by 2.1 per cent in the third quarter of 2020-21, as speculation mounted that the government may impose measures to cool the market.

Singapore joins Australia, New Zealand, the UK and the US where property markets have surged during the health crisis.
Singapore joins Australia, New Zealand, the UK and the US where property markets have surged during the health crisis. Photo: Connected to India

Developers in Singapore sold 2,603 new private homes in the quarter, about 26 per cent lower than the 3,517 units sold in the previous quarter

For all of 2020, apartment prices on the island increased by 2.2%, less than the 2.5% in 2019, the figures showed. In 2018, they grew 7.9%.

Singapore joins Australia, New Zealand, the UK and the US where property markets have surged during the health crisis.

Media reports speculated that recent comments from government ministers have prompted analysts to state that authorities may weigh another set of measures to calm the market, a move last made in July 2018.

Both Deputy Prime Minister Heng Swee Keat and National Development Minister Desmond Lee have said that the government is closely monitoring developments.

The authority added that the Singapore government will continue to monitor economic and property market conditions “closely” and adjust the supply of future GLS programmes where necessary, to ensure it remains adequate in meeting demand.

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CtoI News Desk
CtoI News Desk – CtoI

Singapore-headquartered online media company targeting Indian Diaspora across Singapore, US, UK and Dubai. Connected to India covers developments around Indians abroad, informing, engaging and entertaining its audiences.

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