Singapore private home prices up 2.9% in Q1: URA flash estimates

SINGAPORE: Private home prices in Singapore rose by 2.9 per cent in the first quarter of 2021, according to official flash estimates released by the Urban Redevelopment Authority (URA) on Thursday (Apr 1).

This followed a 2.1 per cent increase in the previous quarter, and a 2.2 per cent rise in private home prices for the whole of last year amid the COVID-19 pandemic.

The Q1 private residential property index increased to 161.6 points, up 4.6 points from the previous quarter.

The increase was driven by prices in the Rest of Central Region (RCR), which rose by 6.1 per cent over a 4.4 per cent increase in the last quarter of 2020.

In contrast, prices in the Core Central Region (CCR) fell 0.3 per cent, compared to a 3.2 per cent increase in the previous quarter.

Prices in the Outside Central Region (OCR) edged up 0.9 per cent, compared to a 1.8 per cent increase last quarter.

Prices of landed homes rose by 5.6 per cent, reversing a 1.6 per cent decrease in the previous quarter, while that of non-landed homes rose by 2.1 per cent, slowing slightly from 3 per cent last quarter.

The flash estimates are compiled based on transactions data up to mid-March.

The URA will release the full set of Q1 statistics on Apr 23.