Private home prices: Climbing at slower pace

Source : Today – 24 Jul 2010

Private home prices in Singapore continued to trend up, but at a slower pace.

Data released by the Urban Redevelopment Authority (URA) on Friday showed that overall prices rose by 5.3 per cent in the second quarter of 2010, compared to 5.6 per cent in the first three months of the year.

The increase pushed the residential property price index to an all-time high, surpassing the market peak of 181.4 points in the second quarter of 1996.

Prices of private residential properties in the city and prime districts went up by 5.4 per cent, while homes in the city fringe cost 4.6 per cent more in the second quarter.

Meanwhile, prices of private suburban homes rose by 5.7 per cent.

At the same time, prices of non-landed properties increased by 5 per cent in the second quarter, a tad higher than the 4.9 per cent increase in the previous quarter.

For landed properties, it was up 6.2 per cent in the second quarter, compared with 8.3 per cent in the previous quarter.

Also, rentals of private residential properties, office, shop and industrial properties, were higher by between 0.5 per cent and 5.9 per cent.