Residential property index up 0.9% to 165 points in Q3

The percentage represents an increase of 1.5 points.

The private property index increased by 1.5 points to reach 165 points in the third quarter of 2021, the Urban Redevelopment Authority (URA) announced.

This is a 0.9% increase quarter-on-quarter from 163.5 points recorded in the second half.

Prices of non-landed residential properties in the Core Central Region experienced a decrease of 0.6% when compared to the 1.1% increase from the previous quarter. In the Rest of Central Region, an increase of 2.2% was seen, up from the 0.1% increase from the previous quarter. A decrease by 0.2% when compared to the 1.9% increase in the previous quarter, was seen in the prices in the Outside Central Region.

Leonard Tay, head of Research, Knight Frank Singapore, attributed this growth to increased demand for landed housing. 

“Demand for landed housing in high-rise Singapore has been steadily increasing in the past few months, especially for Good Class Bungalows. Many high-net-worth individuals, especially those who have converted to Singapore citizens, are attracted to landed homes of larger floor areas and in close proximity to amenities such as parks. Additionally, retired elderly landed homeowners form a ready pool of sellers, incentivised to take profit and downgrade as they grow older and the cost to upkeep such properties become more burdensome. Continued interest and activity in the landed market is expected to prevail for the rest of the year and into next year, with prices led by GCB sales. Pandemic-driven entrepreneurship and transformative COVID-19 industries have created new wealth and a new class of landed home buyers.”

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