According to Urban Redevelopment Authority (URA) index which is announced on October 2nd 2017, the private residential prices rising quarter-on-quarter for the first time in nearly four years. This is the result of the strong property cooling measures in place by Singapore government.
ERA Realty Network says they expects prices "to remain flattish, possibly moving within the range of 0 per cent to 1 per cent for the whole year". Year to date, prices have inched up by 0.1 per cent.
From July to September 2017, the developers sold 2,870 private properties and 3,112 resale caveats lodged. In comparison with the same period last year, this augments 44.9 percent and 19 percent. Their sales also increase 0.5 percent, the major executive officer Eugene Lim added.
He noted: "We view this as a strong signal that the market has turned". "However, as the TDSR continues to keep a lid on prices, we are expecting any price increase to be gradual."
(TDSR is the biggest method of property cooling measures which was launched by Singapore's government in the middle of 2013. It refers to the total debt servicing ratio which restricts how much buyers can take out in home loans.)
Another agent said that the rising of the private property price is inevitable, cause "private residential sales have been building up for a while”, senior director and head of research for Edmund Tie & Co, Mr Lee Nai Jia added. He also predicted the number will be increased by 4 to 8 percent in 2018. That explained by the rental market begins to pick up and macro -economic conditions still potent.
The 0.5 per cent price increase "is the best indicator that the correction period of the market is past us", said Desmond Sim, CBRE Research head, Singapore and South East Asia.
"The Singapore government will now be monitoring the price performance closely but the impending rise in interest rates will be a major factor to consider when buyers decide on a purchase," he cautioned.
He also said that because the land prices is higher than a demand, the URA index to April 2018 will be risen significantly. He considered the price increases about 2 percent.
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Adapted from The Straits Times, Oct 2, 2017