Singapore landed home prices buck the downward trend in Q1
Prices increased by 4.2%, marking the third consecutive quarter of increase.
Price increases in Singapore’s private residential market have slowed since the cooling measures were introduced in December 2021.
A recent report by Savills reveals that while the URA property price index of private residential properties continued to rise for an eighth consecutive quarter in Q1/2022, the increase fell significantly from 5.0% in Q4/2021 to 0.7% in the quarter.
“However, due to limited supply of landed homes and the strong performance in the Good Class Bungalow market, prices of landed homes bucked the trend and continued their upward trajectory for a third consecutive quarter with a larger 4.2% QoQ increase in Q1/2022. In Q4/2021, the QoQ increase was 3.9%,” the analyst adds.
Here’s more from Savills:
On the other hand, after seven consecutive quarters of increase, prices of non-landed homes fell by a marginal 0.3% QoQ. The price decline of non-landed homes in the CCR and RCR of 0.1% and 2.7% respectively countered the 2.2% growth in prices of non-landed homes in OCR, resulting in the quarterly fall.
For Savills’ basket of high-end non-landed private residential projects, despite the cooling measures, prices remained resilient posting growth of 1.2% QoQ to S$2,503 psf in Q1/2022.
This was the sixth consecutive quarter of increase. The resale market remained in favour with the larger unit sizes and ready-to-move-in conditions, amid uncertainties in the construction industry leading to construction delays.