Singapore private home prices rose for a third straight quarter, buoyed by local demand.

An index for prices of private residences climbed 0.5% in the second quarter from the previous three months, according to preliminary figures released by the Urban Redevelopment Authority Tuesday. That extends a 0.8% increase in the first quarter.

The data suggest Singapore’s property market remains resilient even after sales of new homes lost momentum in recent months. The Trump administration’s push for global tariffs has cast doubt on the outlook for the trade-dependent economy, prompting some homebuyers to hesitate and developers to delay large-scale project launches.

New private home sales fell to a five-month low in May, an earlier report showed. Final home price figures are scheduled to be released on July 25.

The financial hub has been grappling with a property price surge in recent years, prompting authorities to implement cooling measures, including higher levies on foreign purchases in 2023. A key focus has been curbing resale prices for public housing, which accommodates the majority of the population.

In a sign that policymakers are sensing a softening in the property market, the government scaled back the amount of land slated for auction for private housing units in the second half of the year. Instead, it expanded the so-called reserve list, where sites are only put up for tender if sufficient developer interest emerges.

Analysts are divided on the outlook for the residential market this year. Morgan Stanley estimates private home prices will decline by 3% in 2025, ending an eight-year rally. Others, including Citigroup Inc. and Bloomberg Intelligence, anticipate gains of as much as 3%.

Still, some pockets of interest remain strong. Nine bids were received for one site at Dunearn Road in one of the city’s priciest districts last month. That’s the most for a government-sold private residential site since 2021, according to CBRE Group Inc.