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Property buyers at the preview of the Hundred Trees condominium project located at West Coast Drive. — ST PHOTO: SHAHRIYA YAHAYA
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PRIVATE home prices shot up 15.8 per cent in the third quarter of this year – their biggest jump since 1981 – as Singapore’s economy finally exited its recession.
Prime non-landed homes in the central areas saw prices increase by 15.2 per cent, while city-fringe condominiums jumped in price by 18.5 per cent. Prices of mass-market apartments in the suburban areas rose 16.1 per cent, according to finalised data released by the Urban Redevelopment Authority (URA) on Friday.
The URA’s flash estimates for the third quarter, released earlier this month, had said private home prices went up by 15.9 per cent in the third quarter.
Other segments of the property market also registered improvements, although their performance was not quite as stellar.
Prices of offices and shops fell by 2.1 per cent and 1.2 per cent respectively in the third quarter. Rentals of private homes declined 2.2 per cent. Office and shop rentals fell 4.1 per cent and 0.9 per cent respectively.
As for industrial properties, prices fell 2.1 per cent in the third quarter and rents slid by 3.1 per cent.
Source : Straits Time – 23 Oct 2009
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