Chart of the Day: Singapore home prices are second highest in Asia
Price growth hit 1% in Q4 then jumped 4% in the next quarter.
This chart from S&P Global Ratings shows that within a quarter, the change in prices of Singapore's private homes jumped back to being the second highest in Asia.
In Q4 of 2017, prices changed by less than 1%, but in Q1, prices jumped by almost 4%. "Private housing in Singapore is showing price increases as global economic performance improves (private housing tends to be sensitive to foreign demand," S&P Global Asia-Pacific economist Vishrut Rana said.
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However, public housing (at the last place in the chart) is still undergoing mild price declines. "Resident households in the private market might substitute into public housing if private prices continue rising," Rana added.
According to S&P Global Ratings, Singapore is bucking the trend of price slowdowns in Asia. Housing prices are showing signs of slowing in Australia, particularly in Sydney and tier-1 cities in China.
Meanwhile, prices in Hong Kong continue to grow at a rapid pace, with properties smaller than 100 sqm taking the top spot for price gains in Q1.