CCR
RCR
OCR
Source: URA
Market Outlook
This is good news for property owners and investors who have been eagerly anticipating such growth in the market. With lower interest rates and a stable economy, it is a promising sign for the property industry in Singapore.
Key takeaway
- The URA flash estimate for the 1st Quarter 2021 private residential property price index shows a 2.9% increase compared to the previous quarter.
- Non-landed private residential property prices in the Core Central Region decreased by 0.3%, while prices in the Rest of Central Region increased by 6.1% and prices in the Outside Central Region increased by 0.9%.
- 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-March, and the statistics will be updated on 23 April 2021.
In the first quarter of 2021, prices of private residential properties in Singapore rose by 3.3%, according to the flash estimate released by the Urban Redevelopment Authority (URA). This increase is higher than the 2.1% uptick recorded in the previous quarter. Additionally, prices of landed properties climbed by 3.7% in the fourth quarter of 2022, compared to a 2.6% increase in the preceding quarter. This is good news for property owners and investors who have been eagerly anticipating such growth in the market. With lower interest rates and a stable economy, it is a promising sign for the property industry in Singapore.
The Singapore private residential property market continued its upward trend in the 1st Quarter of 2021, according to the flash estimate released by the Urban Redevelopment Authority (URA). Overall, the private residential property index increased by 2.9%, marking a higher increase compared to the previous quarter.
In terms of regional price movements, the Core Central Region (CCR) saw a 0.3% decrease in non-landed private residential property prices, while the Rest of Central Region (RCR) and Outside Central Region (OCR) experienced price increases of 6.1% and 0.9%, respectively.
It is worth noting that 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-March, and the statistics will be updated on 23 April 2021. In the past, 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, so the public is advised to interpret the flash estimates with caution.
Here is a comparison table of the private residential property price index for non-landed properties in the previous quarter and the 1st Quarter of 2021:
| Region | 4Q 2020 | 1Q 2021 | % Change |
|---|---|---|---|
| CCR | +3.3% | -0.3% | -3.6% |
| RCR | +4.8% | +6.1% | +1.3% |
| OCR | +1.7% | +0.9% | -0.8% |
Despite the overall increase in the private residential property price index, there was a notable decrease in prices for non-landed properties in the CCR. However, the RCR and OCR continued to experience price growth. The full set of real estate statistics for the 1st Quarter of 2021 will be released on 23 April 2021, offering a more complete picture of the state of the private residential property market in Singapore.
