Report in from the URA: Singapore Q4 2012 real estate statistics.
In the fourth quarter of 2012, prices for residential properties in Singapore rose by 1.8%, according to Singapore’s Urban Redevelopment Authority (URA). This is higher than the 0.6% increase in Q3 of the same year.
In fact, prices for residential properties rose for the year of 2012 overall, although at a slower pace than 2011’s price increases: 2.8% for 2012 as compared to 5.9% in 2011.
The Outside Central Region of Singapore saw the largest increase of 3.8% in Q4’12, whereas the Core Central Region increased by only 0.7%.
The rental market was also up by 2.1% in 2012, although again, as with the prices of residential property units, at a slower pace than in 2011. Rentals in 2011 saw an increase of 3.8%.
Projects for uncompleted private residences are at 86,475, plus an additional supply in the pipeline for Executive Condominiums (ECs), which are a hybrid of private condominium and government-subsidised housing (HDB). With the count for ECs, the total count of projects for private residences in the pipeline stands at 96,676, which the URA says ‘…was the highest ever recorded since such data were first available in 2001.’
The vacancy rate of completed projects for private residences decreased by 0.7% from Q3 to Q4 in 2012, suggesting the market is buying more available stock.
In the beginning of 2013, the Singaporean governement instituted cooling measures to help slow the rising pace of prices in the property market. However, these measures are aimed directly at foreign investors: an increase in stamp duty tax and a higher rate of deposit for foreign investors with multiple properties.