Private home prices spike 10.6% y-o-y in FY2021, highest yearly increase in 10 years

EdgeProp Singapore

January 4, 2022

SINGAPORE (EDGEPROP) - The private residential market saw a surge in home prices last quarter, jumping 5% q-o-q according to the latest flash estimate of the price index by the Urban Redevelopment Authority.

The latest quarterly report is a sharp increase compared to the 1.1% q-o-q increase that was registered by the private residential market in 3Q2021.

For the whole of 2021, the price index for the private residential market increased by 10.6% y-o-y, which is the highest annual increase since FY2010 when prices spiked by 17.6% y-o-y.

“Aspiration to own or invest in private homes has remained strong, despite cooling measures and pandemic uncertainties, but aided by a low interest rate environment,” says Ong Teck Hui, senior director of research & consultancy at JLL.

He adds that the 5% jump in private home prices in 4Q2021 was likely due to keen demand from buyers and optimistic pricing by developers, and it contributed to “robust price increases across all market segments,” he says.

Read more at: https://www.edgeprop.sg/property-new...rease-10-years