Prices in the city-state have recovered rapidly from a lockdown that lifted last June as low interest rates prompt buyers to look past a deep recession. The pace of gains -- from private apartments to public housing flats to luxury penthouses and bungalows -- have soared in the past few months. Rising values in the private market could further fuel the possibility of the government stepping in to calm the market.
Singapore private home prices grew at a faster pace in the first quarter as it joined the frenzy gripping property markets from Hong Kong to Toronto.
Property values increased 2.9% in the three months ended March 31, Urban Redevelopment Authority preliminary figures showed Thursday. Prices rose 2.1% in the previous quarter, while for the whole of 2020, values jumped by 2.2%.
