Singapore residential prices up 7.5% for Q3 2021

This was the 6th straight quarter of price increases for private residential properties.

Singapore residential prices were up 7.5% for Q3 2021, according to a report from OrangeTee.

This was the sixth straight consecutive quarterly price increase, with overall prices increasing to 5.3% year-to-date.

"As Singapore boosts its efforts to re-open its borders fully, the rental market is poised to benefit when hiring ramps up in the aviation, MICE, hospitality and tourism sectors," said OrangeTee Senior Vice President for Research & Analytics Christene Sun.

The price increase was driven by the rise of gains in non-landed homes in the Rest of Central Region, as a 2.6% q-o-q jump was observed. The Core Central Region and Outside Central Region (OCR), meanwhile, had price decreases of 0.1% and 1.1%, respectively.

Resale and mass-markets home sales, meanwhile, accounted for a higher proportion of total sales. Due to their lower prices, this lowers the overall average price for the entire market. 

The OCR made up for 55.6% of total purchases, higher than the 47.1% from the previous quarter. This was due to major launches in the suburban area like Pasir Ris 8 and The Watergardens at Cabrera. Other such projects that contributed include Normanton Park, Midwood, Parc Clematis, Treasure at Tampines and The Florence Residences

Excluding executive condominiums, 9,083 private homes were sold in the quarter alone, a 7.5% increase over the 8,449 units from the previous quarter.