By Fabiana Negrin Ochoa
Property prices in the financial hub of Singapore rose by more than initially estimated in the third quarter, swinging from a decline in the previous quarter but still showing some signs of moderation.
Private residential property prices climbed 0.8% in the July-September period, data from the country’s urban planning authority showed Friday. That compared with a flash estimate calculating a 0.5% rise and with the 0.2% drop recorded in the second quarter.
Prices of landed properties fell 3.6% in the third quarter, reversing from a contraction the previous quarter, while those of nonlanded properties went the opposite way, rising 2.2%, Urban Redevelopment Authority figures showed.
Still, the URA again noted that the average increase in prices over the past two quarters has been significantly lower than in the whole of 2022. It made the same comment when it released flash estimates earlier this month.
Rents, which have been persistently high in the city-state, showed signs of cooling.
The URA said rent increases moderated for a fourth straight quarter. Private residential property rentals rose at a slower pace of 0.8% in the third quarter, notching the smallest sequential gain since the final quarter of 2020. The moderation was seen across market segments, it added, amid record supply completions.
“The steady price growth moderation suggests the market has peaked,” Tan Tee Khoon, country manager for Singapore at real-estate firm PropertyGuru, said in commentary Friday. “As such, private property prices could possibly oscillate between slight increases and decreases in coming quarters.”
Write to Fabiana Negrin Ochoa at [email protected]
Read the full article here
