Growth in Singapore private home prices slows to 0.8% in Q2 amid tighter Covid-19 measures

Growth in Singapore private home prices slows to 0.8% in Q2 amid tighter Covid-19 measures

Year on year, private home prices are up by 7.1 per cent.

SINGAPORE – The growth in Singapore’s private home prices cooled in the second quarter of this year, due to a pullback in landed housing prices and developers launching fewer condominium projects amid tighter Covid-19 restrictions.

Private residential prices rose by 0.8 per cent quarter on quarter – sharply less than the increase of 3.3 per cent in the first quarter and 2.1 per cent in the fourth quarter of last year, according to data from the Urban Redevelopment Authority (URA) on Friday morning (July 23). The figure was slightly below the flash estimate of a 0.9 per cent rise released three weeks ago.

Year on year, private home prices are up by 7.1 per cent.

Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie, noted that rising home values have triggered a slight slowdown in certain locations. 

“The pullback in demand was within expectations since the overall URA price index has increased for five consecutive quarters and there are fewer affordable new units launched in the suburban areas,” she said.

Sales of new units by developers, excluding executive condominiums (ECs), fell 15 per cent in the second quarter to 2,966 units, from 3,493 units in the first quarter.

Resale volumes jumped 18 per cent to 5,333 units in the second quarter, from 4,519 units sold in the previous quarter.

In terms of property type, prices of landed properties dipped 0.3 per cent in the second quarter, compared with a sharp 6.7 per cent increase in the first quarter.

Prices rose at a slower pace for non-landed condominiums and apartments, rising 1.1 per cent in the second quarter, compared with a 2.5 per cent increase in the previous quarter.

The URA said prices of non-landed properties in the prime or core central region (CCR) grew 1.1 per cent in the second quarter, compared with a 0.5 per cent rise in the first quarter.

Prices of non-landed properties in the city fringe or the rest of central region (RCR) edged up 0.1 per cent, compared with a 6.1 per cent rise in the previous quarter.

Prices in the suburbs or outside central region (OCR) rose 1.9 per cent, compared with a 1.1 per cent gain in the previous quarter.

As for the rental market, landlords were able to command higher rents in recent months, with available stock limited and new home supply affected by construction delays.

Overall, private home rents climbed 2.9 per cent in the second quarter, compared with a 2.2 per cent increase in the first quarter.

Rents of non-landed properties rose 3.1 per cent, compared with a 2.4 per cent increase in the previous quarter. Rents of units in the prime and city fringe areas grew 3.1 per cent and 2.8 per cent respectively, while rents of non-landed properties in the suburbs jumped 3.6 per cent.

The strongest rental growth is in the suburban area, said Mr Nicholas Mak, head of research and consultancy at ERA Singapore.

“Many buyers of suburban condominiums are Housing Board upgraders. Since the start of the pandemic, about 40 per cent of the uncompleted private housing sold were located in the OCR. However, with completion of their new housing delayed due to the pandemic, they have to rent,” he said.

Developers launched 2,356 uncompleted private residential units (excluding ECs) for sale in the second quarter, compared with 3,716 units in the previous quarter.

They also launched 413 EC units for sale, and sold 495 EC units. In the first quarter, they launched 700 EC units for sale, and sold 647 EC units.

As at the end of the first quarter, there was a total supply of 47,097 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, compared with 48,139 units in the previous quarter.

Of this number, 19,384 units remained unsold as at the end of the second quarter, compared with the 21,602 units in the previous quarter.

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