Private home prices climb 5%, HDB resale prices up 3.2% in Q4 2021: flash data

Jan 03, 2022

PRICES of private homes in Singapore rose for the seventh consecutive quarter and at a faster pace in the September-December period last year, according to flash estimates by the Urban Redevelopment Authority (URA) on Monday (Jan 3).

Meanwhile, Housing Board (HDB) resale flat prices likewise increased more quickly in the fourth quarter of 2021 and hit another record high, based on flash figures from the public housing authority on the same day.

The overall private residential property index for Q4 2021 jumped 5 per cent from Q3 2021, a bigger increase than the 1.1 per cent rise in the previous quarter.

For the whole of 2021, prices climbed 10.6 per cent, compared with the 2.2 per cent increase in 2020.

Non-landed private homes clocked a 5.4 per cent quarter-on-quarter (q-o-q) price growth in Q4 last year, which was quicker than the 0.7 per cent increase in Q3.

Meanwhile, prices of landed homes were up 3.7 per cent q-o-q in the fourth quarter, compared with the 2.6 per cent increase in the third quarter.

By region, non-landed private residential properties saw the biggest jump of 7.3 per cent in the Rest of Central Region (RCR), speeding up from the 2.6 per cent rise in Q3 2021.

That was followed by the Outside Central Region (OCR) with a 5.4 per cent growth, versus its 0.1 per cent decline in the previous quarter.

The Core Central Region (CCR) recorded a 2.5 per cent increase in prices of non-landed homes in Q4 2021, reversing from the 0.5 per cent drop in Q3 2021.

For the whole of last year, non-landed private residential property prices made full-year price gains of 16.9 per cent in the RCR, 8.4 per cent in the OCR and 3.7 per cent in the CCR.

URA's flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment as well as data on units sold by developers up till mid-December, before the latest round of property market cooling measures kicked in on Dec 16, 2021.

The figures will be updated on Jan 28, 2022 when the URA releases its full set of real estate statistics for Q4 2021.

URA advised the public to interpret the flash estimates with caution. "Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small," it said.

In the public housing market, HDB's flash data released on Monday (Jan 3) showed that resale flat prices rose for the seventh straight quarter. The index posted a 3.2 per cent q-o-q increase, rising more quickly than the 2.9 per cent gain in the third quarter.

Resale flat prices climbed 12.5 per cent for the whole of 2021, based on the flash estimates.

HDB noted that its flash figures were compiled based on the transaction prices of resale flats up till about the third week of December last year. The resale price index for the full quarter, together with more detailed public housing data, will be released on Jan 28, 2022.