BankBazaar Singapore – January 9, 2018
Singapore: The country’s property market appears to be making a slow recovery from the recent slump as official data suggests prices of private residential property rose 1% in 2017.
Flash estimates from the Urban Redevelopment Authority (URA) also showed the private residential property index went up by 0.7% to 138.6 points in the final quarter of last year over the previous three months.
In 2016, prices had fallen 3.1%. The fresh data comes in the wake of a general optimism about the country’s property market. Market speculators expect price increase to be anywhere between 3% and 15% in 2018. This is also good news for banks that offer private home loans in Singapore.
Such projections may come to nothing if the government decides to enforce measures to control the prices. The market is also vulnerable to global economic concerns.
In the Core Central Region (CCR), which includes Sentosa, Downtown Core Planning Area, and districts 9, 10, and 11, property prices rose 0.8% in 2017. Prices in Rest of Central Region (RCR) spiked by 1.6% and those in the Outside Central Region (OCR) went up 1.2%.
Quarter-on-quarter, prices in CCR rose 0.1% in Q4 2017. RCR prices were up 0.2%, while those in OCR rose 0.6%.