THE private housing market in Singapore may well end this year on a high note, as the economy continues to recover while the luxury and rental segments could enjoy a boost from foreign demand, analysts said.
This comes as overall prices of private residential properties islandwide clocked their sixth consecutive quarterly growth, undeterred by tightened pandemic-related measures during the July-September period. The latest figures for Q3 2021 are also 6.9 per cent above the previous peak in Q3 2013.
Property analysts are anticipating a full-year price gain of between 6 per cent and 7 per cent for 2021. If achieved, that will surpass the increases of 2.2 per cent in 2020 and 2.7 per cent in 2019.
Huttons Asia chief executive officer (CEO) Mark Yip said: “The strong global economic recovery, opening up of borders, high vaccination rate and stable political environment in Singapore are supportive of a growth environment.”
He added that the country’s luxury housing market may benefit when more Vaccinated Travel Lanes (VTLs) are set up and foreigners are able to travel to Singapore.
PropNex Realty anticipates “slightly muted” home sales for the fourth quarter this year, as viewings may be affected by restrictions under the Stabilisation Phase as well as year-end festivities. Nonetheless, new-sale volumes, excluding executive condominiums (ECs), for the whole of 2021 could jump 30 per cent to approach 13,000 units, compared with last year’s 9,982 units, said PropNex CEO Ismail Gafoor.
source: The Business Times
