Singapore private residential prices rise 3.3% in Q1, signals strong demand

SINGAPORE - Singapore's private property prices rose in the first quarter, official data showed on Friday (April 28), slightly higher than the flash estimate, reinforcing a months-long robust demand that has forced authorities to introduce tough new cooling measures.

Singapore's private residential property price index rose 3.3 per cent in the first quarter, compared with 3.2 per cent in the flash estimates, and much higher than the 0.4 per cent increase in the previous quarter.

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Rentals of private residential properties increased by 7.2 per cent in the first quarter of 2023, a marginal moderation from the 7.4 per cent increase in the previous quarter.

Singapore raised levies on private property purchases in a surprise move late on Wednesday night to cool the market, including a doubling of stamp duties for foreigners to an eye-watering 60 per cent.

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