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Private home prices expected to rise this year after 2.5% gain in 2019

PRICES of private homes in Singapore are expected to rise by between 1 and 5% this year, analysts say, after clocking a 2.5% gain in 2019.

In the 4th quarter of last year, prices of landed property rose 4%, after edging up 1% in Q3 2019. Dr Lee Nai Jia, head of research at Knight Frank, said: “The improvement in prices of landed properties could be due to sustained interest from buyers, who feel that landed homes are good assets for wealth preservation amid the uncertain economic outlook. The increase could also be reflective of the higher prices of choice landed properties which transacted in Q4.”

Marina One Residences, which sold 43 units in the quarter at a median price of S$2,242 per square foot (psf), after having moved 30 units in the preceeding quarter at a S$2,503 psf median.

Knight Frank’s Dr Lee projects that private residential prices could grow by 2 to 5% this year, albeit with the market remaining segmented.

– Fri, Jan 03, 2020

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