Private Residential Prices In Singapore Rise 3.3% In Q1, Signals Strong Demand

Singapore’s private property prices rose in the first quarter, official data showed on Friday, 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%% in the first quarter, compared with 3.2% in the flash estimates, and much higher than the 0.4% increase in the previous quarter.

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

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