Prices of non-landed private homes in Singapore climbed at a faster pace in May, with properties near the city centre commanding the largest price increases, the National University of Singapore (NUS) said.
According to NUS’s Singapore Residential Price Index, non-landed homes cost 2.5% more in May compared with the previous month, up from April’s 1.1% increase and March’s 0.2 per cent rise.
The growth was led by the sub-index for the central region, which showed prices of non-landed private homes in Singapore’s central region appreciated by 3.5 per cent in May compared with a gain of 1.7% for properties in non-central regions.
Singapore, like Hong Kong and China, has been trying to cool its property market amid flush liquidity and interest rates that are near record lows.
The NUS report comes a day after real estate consultancy DTZ said resale prices of private residential properties increased at a faster pace in the second quarter compared to the previous three months.
Private homes account for about 20% of homes in Singapore, where the majority of citizens live in government-built HDB apartments.
Singapore’s Urban Redevelopment Authority will release its own flash estimate for private home prices on Friday.
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