Private residential properties price moderated in Q3: report

Prices only grew by a marginal 0.5% (q-o-q) amid heightened alert in Singapore.

The price increase of private residential properties was moderated in Q3, recording a marginal 0.5% (q-o-q) growth.

Q1 and Q2 figures were at 2.5% and 1.1%, respectively.

Knight Frank reported that quarterly sales volume of non-landed private homes (excluding Executive Condominiums (ECs))  were at 7,103 for Q3.

Though the latest sales volume represents a 1.4% decrease from Q2, analysts said the figure is still above the 4,162 average in 2019, pre-pandemic.

New sale transactions were also up to 3,358 from 2,838 in the previous quarter.

Secondary sales recorded 3,745 transactions, which is 52.7% of total for Q3. 

Island-wide rental contracts also "remained healthy" in Q3, recording 17,252 transactions or a 17.7% spike compared to some 14,657 in April and May 2021.

"Tenants are also generally beginning to take on longer lease terms, as they evaluate heir longer-term accommodation needs as countries press on in a slow fight against OVID-19," Knight Frank said.

"Additionally, expatriates are also contributing to rental demand, as companies such as those in the tech sector ramp up their activities in Singapore," it added.