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Financial News: Singapore Home Price Growth Slows In Q4

Singapore Home Price Growth Slows In Q4

01/23/2020 - 05:39:00 (RTTNews)

(RTTNews) - Singapore's house prices grew at a slower pace in the fourth quarter, the Urban Redevelopment Authority reported Thursday.

House prices climbed 0.5 percent sequentially, slower than the 1.3 percent increase in the third quarter. Nonetheless, this was slightly faster than the 0.3 percent increase initially estimated.

For the whole year of 2019, house price growth eased notably to 2.7 percent from 7.9 percent in 2018, driven by measures taken by the government to cool property market.

In 2019, resale volumes declined sharply to 8,949 units from 13,009 units in 2018.

Data showed that prices of landed properties advanced 3.6 percent in the fourth quarter, while that of non-landed properties fell 0.3 percent. For the whole of 2019, prices of landed properties climbed 5.7 percent and those of non-landed properties grew 1.9 percent.

The number of uncompleted residential units launched in the fourth quarter fell to 2,226 from 3,628 in the previous quarter. At the same time, developers sold 2,443 private residential units compared with the 3,281 units a quarter ago.

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