Singapore’s property price momentum may finally be easing amid new development launches to meet demand.
Private property values slid 0.4% from the previous three months, when they rose 3.3%, according to flash estimates released by the urban redevelopment authority on Monday. That’s the first decline since the first quarter of 2020. To keep a lid on apartment prices, the government doubled stamp duties for foreign buyers in April to 60% — the highest among major markets. It also raised levies for second-home buyers.
While prices fell last quarter, transaction volume increased by about 16% from the previous three months, according to URA. Home sales reached a one-year high in May, as a supply crunch eased amid new development launches.
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