Singapore home prices see largest quarterly growth since 2018 

Private home prices increased 3.1% in Q1, thanks to a 6.7% hike in landed property prices.

With strong local and foreign demand, prices reacted accordingly. The URA price index of private residential properties registered a fourth consecutive quarter of increase, rising 3.1% in Q1/2021.

According to Savills, this was the largest quarterly growth since Q2/2018, when the index rose 3.4%. The higher QoQ increase was partly attributed to a 6.7% increase in prices of landed homes, after a 1.6% decline in the previous quarter. As people continue to work-from-home, the need for larger homes has driven demand for landed properties. 

Here’s more from Savills:

The URA price index of non-landed homes also registered a quarterly increase of 2.5% compared to the 3.0% in Q4/2020. Prices of homes in all three market segments increased, with the largest QoQ increase of 6.1% coming from the RCR. This was followed by prices of non-landed properties in the OCR and CCR, rising 1.1% and 0.5% QoQ respectively. 

The average prices calculated from Savills’ basket of high-end non-landed private residential projects saw a marginal increase of 0.5% QoQ to S$2,413 per sq ft. Both local and foreign ultra-high-net-worth individuals have been driving demand for those properties in the basket.