Singapore’s home prices rise for the first time in 4 years: URA data

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SINGAPORE – Singapore’s home prices rose for the first time in four years, ending a record 15 quarters of decline and confirming recent signs that the property market is rebounding.

An index tracking private residential prices gained 0.5 percent in the three months ended Sept. 30 from the previous quarter, according to preliminary data from the Urban Redevelopment Authority (URA) released on Monday.

Analysts at BNP Paribas SA and Morgan Stanley are among those predicting that prices will rebound after authorities in March boosted sentiment by loosening some measures.

Morgan Stanley has predicted the city’s prices will climb 2 percent this year and 10 percent by the end of 2018. Sales of about 8,388 private homes in the first eight months of 2017 were already ahead of some past full-year totals.

Apartment prices in prime districts rose 0.2 percent last quarter after falling 0.5 percent the previous quarter, the data showed. Suburban apartment prices gained 0.7 percent, while areas near prime districts remained unchanged.

Earlier in March, the government reduced the Seller’s Stamp Duty (SSD) and some mortgage restrictions.

Source: Bloomberg

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