Singapore Private Home Prices increased by 10.6% in 2021

Private home prices in Singapore surged 5.0 percent quarter-on-quarter in the three months to December of 2021, accelerating sharply from a 1.1 percent rise in the previous period and in line with a preliminary estimate. This marked the seventh straight quarter of increases in private home prices and the strongest growth since 2009, which prompted the government to introduce cooling measures in December, including raising additional stamp duties for second-home buyers and foreigners purchasing private residences, amid concerns over affordability. Prices increased faster for both landed properties (3.9 percent vs 2.6 percent) and non-landed properties (5.3 percent vs 0.7 percent). For the full year of 2021, private home prices rose by 10.6 percent, picking up strongly from a 2.2 percent increase in 2020.

Source: TRADINGECONOMICS.COM

Cooling Measures announced on 16 Dec 2021

Despite continuing uncertainty created by the Covid-19 pandemic, the Government has decided to implement new property cooling measures to reduce the risk of a self-reinforcing cycle of price increases in the private and Housing Board resale markets, which could impact housing affordability, said Minister for National Development Desmond Lee.

Read More: Raising ABSD Rates, Tightening TDSR & LTV Limits: 16Dec2021 (epropway.com)

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The Straits Time 17 Dec 2021

Private home prices gain pace in Q4 2021

Prices of private home accelerated in the final quarter of 2021 to cap off a robust year. Overall prices jumped 5% quarter on quarter, the URA flash figures showed.

The Business Times 4 Jan 2022

Landed Property gains help Q3 private home prices rise 0.9%

Private home prices in Singapore climbed for the sixth straight quarter at a continued moderate pace, driven largely by the gains in landed properties. 

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The Straits Times 2 Oct 2021

Private home prices rise at slower pace of 0.8% in Q2 amid tighter Covid-19 measures

Private home prices grew at a much slower pace in the second  quarter due to a pullback in landed housing and few launches amid tighter Covid-19 restrictions.

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The Business Times 24 July 2021

Singapore Private home prices rise in Q1 on strong demand

Prices of private residential properties across Singapore increased quarter on quarter by 3.3% in Q1 2021.  The uptrend has lasted four consecutive quarters, and the latest figure marks the biggest quarterly rise since Q2 2018

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Source: Business Times 23 April 2021

Non Landed Residential Property - Apartments & Condominium (excl EC)

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Sales Volume for the private non landed properties (excluding ECs) amounted to 28,662 for the whole of 2021.

  • Compared to 2020, this is an increase of 56%, or 10,347 units more than 18,315 units transacted in 2020. This was due to the strong domestic demand from both the primary and secondary market.
  • Of the total sales volume, 12,722 units were from new sale properties while 15,486 were resale properties. Compared to 2020, this is an increase of 30% for new sale and 84% for resale.
 
  • In the Core Central Region, new sale volume jumped by 104.3% from 1217 units in 2020 to 2486 units in 2021. Resale volume increased by 77.3% from 1792 units in 2020 to 3177 units in 2021.
  • In the Rest of Central Region, new sale volume increased by 27.7% from 4175 units in 2020 to 5331 units in 2021 while Resale volume jumped 87% from 2429 unit in 2020 to 4544 units in 2021.
  • In the Outside of Central Region, new sale increased slightly by 12.2% from 4372 units in 2020 to 4905 units in 2021 while Resale volume jumped 85.4% from 4189 units in 2020 to 7765 units in 2021.

Average psf for the private non-landed properties (excluding EC) amounted to $1695 in the year 2021

  • Compared to 2020 average psf of $1589, this is an increase of 6.7%.
  • New Sale average psf for 2021 was $2041, an increase of 13% from 2020 psf of $1805
  • Resale average psf for 2021 was $1407, an increase of 5.2% from 2020 psf of $1337
 
  • In the Core Central Region, New Sale psf increased by 6.6% from 2020 psf of $2558 to 2021 psf of $2728. Resale psf increased slightly by 2.6% from 2020 psf of $1948 to 2021 psf of $1999.
  • In the Rest of Central Region, New Sale average psf jumped by 13.3% from 2020 psf of $1873 to 2021 psf of $2122 while Resale average psf moved 6.9% from 2020 psf of $1371 to 2021 psf of $1466.
  • In the Outside of Central Region, New Sale average psf moved 4.8% from 2020 psf of $1530 to 2021 psf of $1604 while Resale average psf jumped by 7.8% from 2020 psf of $1059 to 2021 psf of $1142.
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Non-landed Residential (excl EC) Ave PSF by District

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Average size of homes sold in 2021 was generally bigger for the New Sale units, at 888 sqft in size compared to 829 sqft in 2020. For the Resale units, average size were smaller at 1212 sqft compared to 1234 sqft in 2020.

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Landed Private Residential Property (Non Strata)

Sales Volume for the landed properties (non Strata) amounted to 2,867 for the whole of 2021.

  • Compared to 2020, this is an increase of 63.9%, or 1,118 units more than 1,749 units transacted in 2020. This was due to the strong demand from all segment of the landed property market.
  • Of the total sales volume, 438 units were  Detached, 907 units were Semi-detached and 1522 units were Terrace houses. Compared to 2020, this is an increase of 84%,  78.5%, and 51.7% respectively. 
 
  • In the Core Central Region, 179 units were Detached, 173 units were Semi-Detached and 81 units were Terrace. Compared to 2020, this is an increase of 68.9%, 105.9% and 88.4% respectively.
  • In the Rest of Central Region, 64 units were Detached, 142 units were Semi-detached and 321 were Terrace. Compared to 2020, this is an increase of 73%, 97.2% and 52.8% respectively.
  • In the Outside of Central Region, 195 units were Detached, 592 units were Semi-detached and 1120 were Terrace. Compared to 2020, this is an increase of 105%, 68% and 49.3% respectively.
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Average psf for the landed properties (excluding Strata Landed) amounted to $1496 in the year 2021

  • Compared to 2020 average psf of $1356, this is an increase of 10.3%
  • Detached average psf for 2021 was $1476, an increase of 6.9% from $1381 psf in 2020. 
  • Semi-detached average psf for 2021 was $1403, an increase of 13% from $1240 psf in 2020.
  • Terrace average psf for 2021 was $1555, an increase of 10.3% from $1410 psf in 2020.

  • In the Core Central Region, Detached average psf increased by 13.6% from 2020 psf of $1618 to 2021 psf of $1839. Semi-D average psf increased by 15.2% from 2020 psf of 1692 to 2021 psf of $1950. Terrace average psf increased by 24.2% from 2020 psf of $2195 to 2021 psf of $2726.
  • In the Rest of Central Region, Detached average psf moved by 5% from 2020 psf of $1323 to 2021 psf of $1389. Semi-D average psf increased by 12.4% from 2020 psf of $1344 to 2021 psf of $1511. Terrace average psf increased by 12.6% from 2020 psf of 1574 to 2021 psf of 1773. 
  • In the Outside of Central Region, Detached average psf moved by 3% from 2020 psf of $1138 to 2021 psf of $1172. Semi-D average psf increased by 10.5% from 2020 psf of $1110 to 2021 psf of $1226. Terrace average psf increased by 6.4% from 2020 psf of $1322 to 2021 psf of $1407.
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