{"id":119970,"date":"2021-01-22T05:49:53","date_gmt":"2021-01-21T22:49:53","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-up-in-q4-2020-while-new-homes-sales-fell\/"},"modified":"2021-02-02T17:52:08","modified_gmt":"2021-02-02T10:52:08","slug":"private-home-prices-up-in-q4-2020-while-new-homes-sales-fell","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-up-in-q4-2020-while-new-homes-sales-fell\/","title":{"rendered":"Private home prices up in Q4 2020, while new homes sales fell"},"content":{"rendered":"


\nFor the whole of 2020, private home prices rose 2.2%, down from the 2.7% increase registered in 2019.
\nSingapore saw private home prices increase for a third consecutive quarter by 2.1% quarter-on-quarter during the fourth quarter of 2020 \u2013 the steepest quarterly increase in over two years.
\nFor the whole of 2020, private home prices rose 2.2%, down from the 2.7% increase registered in 2019.
\nLast quarter\u2019s price hike was mainly driven by non-landed properties within the Rest of Central Region (RCR) as well as the Core Central Region (CCR), which saw prices increase 4.4% and 3.2% quarter-on-quarter. Non-landed property prices in the Outside of Central Region (OCR) climbed 1.8% quarter-on-quarter.
\n\u201cThe growth in prices is testament to strong underlying demand and ample liquidity in the private residential market,\u201d said Wong Xian Yang, Associate Director of Research for Singapore and Southeast Asia at Cushman & Wakefield.
\nLee Sze Teck, Director of Research at Huttons Asia, noted that the mild increase in prices shows that the government policies \u201care still effective in curbing prices and ensuring a stable market\u201d.
\nRecommended article:\u00a02020 New Launch Condo Report Card: Which Were the Most Popular Condos This Year?
\nMeanwhile, private home demand in Singapore was \u201csurprisingly vibrant last year amid lockdowns and strict travel restrictions\u201d, said Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie.
\nUrban Redevelopment Authority (URA) data showed that a total of 20,909 private homes, excluding executive condominiums (ECs), were sold in 2020, up 9.2% from 2019\u2019s 19,150 units.
\nNew home sales inched up by 0.7% to 9,982 units in 2020 from the 9,912 units shifted in 2019. For Q4 2020, new home sales stood at 2,603 units, down from the 3,791 units sold in the previous quarter.
\nSun added that the COVID-19 pandemic \u201cseemed to have reversed a decade of rampant growth in the rental market\u201d.
\nPrivate home rentals slipped 0.6% for the whole of 2020, while increasing by just 0.1% in Q4 2020.
\nOccupancy rates for private homes, excluding ECs, dropped to 93% in Q4 2020 from the previous quarter\u2019s 93.8%.
\nNonetheless, Sun noted some bright spots recently.
\n\u201cThere seems to be more rental demand from overseas Singaporeans, PRs, and long-term pass holders who have returned to Singapore in recent weeks. They require a temporary place to stay while scouting for more permanent accommodation,\u201d she said.
\n\u201cThere are also more overseas students looking for rental units now. Some locals who have just sold their private homes or flats have also rented in the interim as they wait for the completion of their new place.\u201d
\nLooking ahead, Sun expects private home demand to remain resilient this year.
\nSuggested read:\u00a019 New Launch Condos and ECs in 2021: Which to Buy?
\n\u201cBuyer sentiment is likely to improve further as global growth is expected to accelerate this year, underpinned by a gradual return to normality with the virus vaccines and wave of liquidity,\u201d she said.
\nWith this, she expects \u201coverall home prices to rise further by 1 to 4% in 2021 and new home prices may increase up to 5%\u201d.
\nWong, on the hand, sees private home prices continuing \u201cto grow by up to 5% year-on-year in 2021, barring the implementation of new cooling measures\u201d.
\n\u201cIt is still too early to call if cooling measures should be implemented at this stage as we have only seen a single quarter of strong growth,\u201d he said.
\n\u201cNonetheless, we see heightened risks of additional cooling measures being implemented if prices continue to grow at this rate (>2% per quarter) for another one or two quarters, the authorities may step in.\u201d
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s Listings, Project Reviews and Guides.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Private home prices up in Q4 2020, while new homes sales fell<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

For the whole of 2020, private home prices rose 2.2%, down from the 2.7% increase...<\/p>\n","protected":false},"author":1,"featured_media":119971,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-119970","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/Kopar-At-Newton-Condo-By-CEL-crop.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vd0","jetpack-related-posts":[{"id":113825,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-up-2-7-in-2019\/","url_meta":{"origin":119970,"position":0},"title":"Private home prices up 2.7% in 2019","date":"January 23, 2020","format":false,"excerpt":"\r On a quarterly basis, private home prices climbed 0.5% in the fourth quarter of 2019, continuing the 1.3% increase seen in the previous quarter. 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