CCR
RCR
OCR
Source: URA
Market Outlook
The reason for this increase could be due to a surge in demand for larger flats, as some buyers are taking a pre-emptive approach and snapping up bigger properties. Additionally, the pandemic has led to a growing trend of homeowners wanting larger living spaces, especially for those who work from home.
Key takeaway
- URA released the flash estimate of the private residential property price index for Q4 2021, showing an increase of 8.3 points from 165.3 points in Q3 2021 to 173.6 points in Q4 2021, marking a significant increase of 5.0%.
- The whole of 2021 saw an increase of 10.6% in private residential property prices, compared to a 2.2% increase in 2020.
- Non-landed private residential properties in the CCR, RCR, and OCR experienced price increases of 2.5%, 7.3%, and 5.4% respectively in Q4 2021.
- For the whole of 2021, prices in CCR, RCR, and OCR increased by 3.7%, 16.9%, and 8.4% respectively.
- These estimates are based on transaction prices and data on units sold up until mid-December 2021, before the latest round of property market cooling measures were implemented on 16 December 2021.
- It is important to exercise caution in interpreting the flash estimate as past data has shown that the difference between the actual and estimated price changes can be significant when the change is small.
The latest flash estimate from the Urban Redevelopment Authority (URA) has revealed that private residential property prices in Singapore have skyrocketed by 5% in the fourth quarter of 2021. The reason for this increase could be due to a surge in demand for larger flats, as some buyers are taking a pre-emptive approach and snapping up bigger properties. Additionally, the pandemic has led to a growing trend of homeowners wanting larger living spaces, especially for those who work from home. Despite this increase, the URA’s Property Market Index (PMI) for Q2 2021 showed a slight quarter-on-quarter increase to 117.8 points. It is important to monitor these trends closely to ensure the sustainability and stability of the housing market in Singapore.
The Urban Redevelopment Authority (URA) has released the flash estimate of the private residential property price index for the fourth quarter of 2021, revealing a significant increase of 5.0% in comparison to the previous quarter. This increase was represented by an increase of 8.3 points in the private residential property index, from 165.3 points in Q3 2021 to 173.6 points in Q4 2021.
Furthermore, the whole of 2021 saw a significant increase in private residential property prices, with prices rising by 10.6% as compared to a 2.2% increase in 2020. This rise in prices was not limited to any specific region, as prices of non-landed private residential properties in the CCR, RCR, and OCR saw increases of 2.5%, 7.3%, and 5.4% respectively in Q4 2021. For the entire year of 2021, prices in CCR, RCR, and OCR increased by 3.7%, 16.9%, and 8.4% respectively.
It is important to note that these estimates were compiled based on transaction prices and data on units sold up until mid-December 2021, before the implementation of the latest round of property market cooling measures on 16 December 2021. It is, therefore, advised that caution be exercised in interpreting the flash estimate, as past data has shown that the difference between the actual and estimated price changes can be significant when the change is small.
Comparison table of the previous quarter’s price index:
| Region | Q3 2021 Price Index | Q4 2021 Price Index | Increase/Decrease |
|---|---|---|---|
| Core Central Region | 187.1 | 192.0 | +2.5% |
| Rest of Central Region | 159.7 | 171.2 | +7.3% |
| Outside Central Region | 139.7 | 147.2 | +5.4% |
