Residential property prices in Singapore have increased for the seventh consecutive quarter during the second quarter, demonstrating market resilience even as sales activity has slowed. The cost of renting properties is also on the rise.

Data released by Singapore's Urban Redevelopment Authority on Friday shows the private home price index climbed 0.5% in the April-to-June period compared to the previous three months. This figure aligns with earlier advance estimates. The rate of increase for the first quarter was 0.9%.

According to a report published on Thursday by the Urban Land Institute, the average price for a private residential property in the city-state is now close to USD 1.8 million. This price point surpasses that of other major Asian cities like Hong Kong and Tokyo.

Rental costs rose by 0.7% during the second quarter, marking an acceleration from the 0.3% increase recorded in the first quarter of the year.

The property market in Singapore continues to be supported by a combination of factors, including demand from affluent residents, a growing population of high-income immigrants, and relatively low borrowing costs.

Source: Sina Finance
Editor: Yu Jian SF069