Singapore private home prices may rise in 2021 amid reviving economy

URA's flash estimate shows the private residential property index clocking a 2.2% gain in 2020

Nisha Ramchandani

Published Tue, Jan 5, 2021 · 05:50 AM

URA

Singapore

PRIVATE home prices in Singapore could climb again this year as a recovering economy lifts sentiment after the private residential property index shrugged off the impact of a global pandemic to clock a 2.2 per cent gain in 2020.

According to the Urban Redevelopment Authority's (URA) flash estimate on Monday, prices of private homes in Singapore rose 2.1 per cent quarter-on-quarter in Q4 2020 in the highest quarterly increase since the 3.4 per cent notched in Q2 2018 before the last round of cooling measures kicked in. This comes on the heels of a 0.8 per cent increase in Q3 2020.

In 2019, the private residential property index grew by 2.7 per cent.

The surprising turnaround in the private property market comes in a year where the local economy contracted by 5.8 per cent, based o…