Singapore private home prices up 2.1% q-o-q in Q4; rise 2.2% for 2020: URA flash estimate

THE overall price index for private homes in Singapore increased 2.1 per cent in the fourth quarter of 2020 over the preceding three months, according to the Urban Redevelopment Authority's (URA) flash estimate released on Monday morning.

This follows an increase of 0.8 per cent in Q3 last year.

For 2020 as a whole, prices increased by 2.2 per cent, despite the ongoing pandemic and economic headwinds. This is compared to an increase of 2.7 per cent in 2019.

Prices of non-landed properties went up 3.2 per cent quarter on quarter in Q4 after edging up 0.1 per cent in the prior quarter.

By region, prices of non-landed homes in the core central region (CCR), or prime areas, rose 3.3 per cent in Q4, reversing from a 3.8 per cent decrease in Q3.

In the city fringe or rest of the central region (RCR), prices increased 4.8 per cent quarter on quarter, compared to 2.5 per cent in the previous quarter.

In the suburbs or outside central region (OCR), prices were up 1.7 per cent, similar to the 1.7 per cent increase seen in Q3.

For 2020, prices in CCR dipped 0.2 per cent, while prices in RCR and OCR rose by 5.1 per cent and 3.1 per cent respectively.

Meanwhile, the prices of landed properties fell 2.1 per cent in Q4, compared to a 3.7 per cent increase in Q3.

The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment, and data on units sold by developers up till mid-December. The statistics will be updated on Jan 22 when the URA releases its full set of real estate statistics for the fourth quarter of 2020.

"Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small," the URA said. "The public is advised to interpret the flash estimates with caution."