Despite the pandemic, Singapore private home prices grew at a faster pace in the first quarter of 2021 as it joined the frenzy gripping property markets from Hong Kong to Toronto.
Property values increased 2.9% in the three months ended March 31, Urban Redevelopment Authority preliminary figures showed. Prices rose 2.1% in the previous quarter, while for the whole of 2020, values jumped by 2.2%.
Prices in Singapore have recovered rapidly from the lockdown lifted last June as low-interest rates prompted buyers to look past a deep recession. The pace of gains - from private apartments to public housing flats to luxury penthouses and bungalows - have soared in the past few months.
According to Knight Frank’s Prime International Residential Index (PIRI 100), average prices for luxury residential properties across the globe grew by 1.9 per cent in 2020, eclipsing its 2019 performance of 1.8 per cent.
Global residential prices rose at their fastest rate in nearly three years, with 89% of countries and territories witnessing price increases in 2020. Singapore reported a 3% increase from Q3 2020 to Q4 2020.