Singapore Q4 private home prices rise 1.8%

PHOTO: Singapore Q4 private home prices rise 1.8%

SINGAPORE - Singapore's Urban Redevelopment Authority (URA) released preliminary private home price data for the fourth quarter of 2012 on Wednesday:

Private home prices rose 2.8 per cent for the whole of 2012, based on preliminary estimates.

Prices of non-landed private residential properties rose 0.8 percent in the core central region in the fourth quarter, compared with 0.1 per cent in the previous quarter. Prices in the rest of the central region rose 0.9 per cent, compared with 0.8 per cent in the third quarter.

The URA flash estimates are based on caveats lodged during the first 10 weeks of the quarter, supplemented by information on the number of new units sold by developers. URA will release detailed data towards the end of the month.

In October, Singapore introduced new measures to cool its housing market. The steps include a maximum tenure of 35 years for all new residential property loans, with loans exceeding 30 years facing significantly tighter loan-to-value limits.