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With private property prices increasing at a faster rate than wage growth, property experts are saying that the affordability gap for private homes could further widen for Singaporeans.
Professor Sumit Agarwal from the National University of Singapore Business School said that the divide between income growth and residential property price increases could grow bigger, with technology set to displace some high-paying jobs.
Singapore’s private property market experienced robust growth but was muted midway by property cooling measures. We list down the key highlights in our 2018 property market roundups and our outlook for 2019.
Singapore’s private property market saw a steep rebound from the fourth quarter of 2017 after many quarters of decline in its Property Price Index (PPI) since the fourth quarter of 2013.
Figures from the Urban Redevelopment Authority (URA) showed that the Lion City’s PPI surged by 11.0 points from 138.7 in the fourth quarter of 2017 to 149.7 points in the third quarter of 2018.
Property consultancy Savills reckons that private home prices here may rise 15 to 20 percent for the whole of 2018 – up from its previous forecast of between 12 and 15 percent, reported Singapore Business Review.
It raised its estimates after 22 units were sold for a minimum of $10 million each over the past few months, with 102 units taken-up for at least $3,000 psf in Q1, according to data from the Urban Redevelopment Authority.
