Singapore Private Property Price Increase 2.7% In 2019

Singapore private property prices rise 2.7 per cent in 2019, dropping from 7.9 per cent increase in 2018. This is likely due to the property cooling measures taking effect. For the fourth quarter, private homes price rise by 0.5 per cent, slowing from the 1.3 per cent growth in third quarter. The rise in price for private property in fourth quarter is largely contributed by landed property segment, which increased by 3.6 per cent. Non-landed property in the Outside Central Region which increased by 2.9 percent also contributed to the rise.

The total number of sale transactions for private homes drop by 13.5 per cent to 19,150. This is largely due to the 31 per cent drop in the number of resale transactions in 2019. Resale transactions fell slightly to 2,342 compared with 2,378 in the third quarter. For the whole of 2019, there were 8,494 resale transactions, which contributed to 48 per cent of all private home sales in 2019. This is a huge drop compared to 13,009 in 2018. New private property sales in 2019 rose 12.7 per cent to 9,912 units, excluding executive condominiums (ECs).

Market experts say the slowing pace of price increase is in line with expectations and could continue this year.

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