Private home prices up 3.1% in Q1

The growth rate was the quickest since 2010.

Home prices rose 3.1% QoQ in Q1 to post its quickest growth rate since the second quarter of 2010, according to data from the Urban Redevelopment Authority. 

Private residential property prices were at a measly 0.8% in Q4 but values surged as the local property market continues to recover with developers demanding more aggressive asking prices. Homebuyers are similarly hopping in on the latest housing frenzy after selling their homes with the hopes of scoring a bargain.

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The residential sector also accounted for a lion’s share or over 80% in property investment sales in Q1, according to a separate report from JLL. With the exception of commercial sites yielding more than 20% of gross floor area, developers were able to acquire 26 residential plots totalling $7.27 billion in Q1 alone.