Singapore residential prices record fastest quarterly increase since 2010
Prices grew 5% in Q4 2021.
The final quarter of 2021 marked the seventh consecutive quarter of increase in the URA property price index of residential properties.
According to Savills, in the final quarter of 2021, the URA property price index of residential properties grew 5.0%, the fastest increase in a quarter since Q2/2010 when prices rose 5.3% QoQ. As such, for the whole of 2021, residential property prices expanded 10.6%, a larger growth than the 2.2% in 2020. This was the fifth straight year of price increase.
Here’s more from Savills:
Prices of both landed and non-landed properties recorded QoQ increases, with the URA property price index of non-landed properties growing for the seventh straight quarter by a larger 5.3%, as compared to the 0.7% in Q3/2021. The larger increase in Q4/2021 can be attributed to a 6.7% growth in home prices in RCR, which may be due to strong new sales.
For OCR and CCR, the QoQ increase in home prices came after a decline in Q3/2021. In Q4/2021, prices of non-landed homes in OCR and CCR increased 5.7% and 2.7% respectively. Similarly, prices of landed homes expanded for the second consecutive quarter by 3.9%, higher than the 2.6% in the previous quarter.
From Savills’ basket of high-end non-landed private residential projects, prices inched up further by 0.6% QoQ to S$2,474 psf in Q4/2021. On a YoY basis, prices grew 3.1% in 2021, a reversal from the 0.4% contraction in 2020