SINGAPORE: Prices of private residential properties in Singapore rose at a quicker pace of 3.5 per cent in the second quarter of this year, five times the 0.7 per cent increase in the previous quarter.
Such properties in the core central region rose by 1.9 per cent, while those in the rest of the central region went up by 6.4 per cent. Prices of non-landed homes outside the central region increased by 2.1 per cent in the second quarter. OrangeTee & Tie’s senior vice president of research and analytics Christine Sun said buying sentiment picked up after most COVID-19 safe management measures were eased.Ms Sun said show flat and house viewings rose substantially, “significantly boosting the sector”.
“The rebound in foreigner and PR purchases indicates that many foreigners are still keen to park their money in Singapore despite the cooling measures,” she said. Ms Sun added that more tenants are signing lease periods of at least two years to lock in the current rental rate, as they anticipate that rents will rise further in the coming months.
Mortgage rates are rising in Singapore after the US Federal Reserve increased its rates to tame inflation.