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Property Price Growth in Singapore Highest in 2 Years

Property Price Growth in Singapore Highest in 2 Years

 

Amid the recession and pandemic of the Covid-19 corona virus, the Singapore property business has started to rise.

In fact, according to research by the National University of Singapore (NUS), for private housing in vertical buildings or apartments, in July 2020 there was a 1.2 percent increase in prices compared to June.

According to NUS through the release of the Singapore Residential Price Index (SRPI), the interval for price increases of this size is the highest monthly rate in the last 2 years.

The previous highest growth occurred in May 2018. At that time, monthly growth was 1.7 percent compared to April 2018.

NUS noted that the increase in prices was due to the price of homes resold in the main districts, which jumped 1.8 percent in July 2020 compared to June 2020, the fastest growth in 2 years.

SRPI NUS also saw developers are selling more housing units than figures released last month. In the Core Central Region (CCR), 25 new housing units were released for sale and 113 for sale.

In all, excluding executive condos, 869 new private housing units were released for sale across the island nation in July, and 1,080 units have already been sold.

In the private resale housing market, only 149 units of private housing resale were transacted in May.

Resale volume increased to 279 units in June, and jumped to 739 units the following month.

Under the CCR, the number of private housing units resold more than quadrupled from 35 in May to 154 in July.

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