Singapore Home Price Growth Slows Amid Virus Curbs
(Bloomberg) -- Singapore’s home price growth slowed in the second quarter after virus restrictions deterred new launches and limited the number of people who could view apartments.
Private property values rose 0.8% from the previous quarter, according to Urban Redevelopment Authority data released on Friday. That’s lower than the 0.9% flash estimates and less than the 3.3% growth in the first quarter.
It’s the first time that home value has slowed in five quarters. Singapore’s property market has been sizzling, with both prices of public and luxury homes hitting records. But since May, sales have eased after the government imposed a month-long lockdown-like order that limited apartment viewings.
After curbs were relaxed in June, analysts had expected demand to pick up again. But a fresh round of restrictions imposed this week is set to further dampen the frenzy.
“Private residential property prices are expected to continue to expand, but at a modest pace, which will lead to a 5% to 8% yoy growth for the whole of this year,” said Nicholas Mak, head of research and consultancy at APAC Realty Ltd. “The good news from this slower price growth is that the policy risk of more cooling measures is deflated.”
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