Singapore private residential prices rise 3.3% in Q1, signals strong demand
9:21 pm Thursday, April 27th, 2023
(Corrects to restore dropped word in first paragraph)
SINGAPORE (Reuters) – 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%.
(Reporting by Chen Lin in Singapore; Editing by Shri Navaratnam)
