Singapore Property Resale Prices, Rents Rise For Both Private And Public Housing.

Online, September 25, 2012 (Newswire.com) - In Singapore property market, resale home prices and rents have climbed across the board after second quarter. Experts believe these numbers indicate that a strong likelihood, third quarter will see a more buoyant Singapore property market.

Both private and public housing segments showed strong numbers. Prices and rents climbed after a lull in July. Prices for private resale properties were up 4.5 per cent last month over July. The average resale prices posted in July and August to be about $1,234 per square foot (psf). This is about 1.2 per cent higher than the average psf recorded in the second quarter this year.

In the public housing segment, there has been the same positive growth. The overall median Housing Board (HDB) prices increased by about 1.8 per cent to a record $448,000. Monthly rental of HDB has also gained 4.3 per cent to about $2,400 per month.

Experts say that the resale home prices and rents were driven higher because of increased interest in new launches. These new launches which are often priced slightly above the older resale homes nearby have attracted new demand to these nearby properties, thus lifting prices. Overall, the market demand in Singapore property market is still healthy and balanced.

Going forward, experts differ on how the prices might move in the next quarter onwards. While some experts believed that the Singapore property market is still buoyant and prices to rise a further 2 to 3 per cent. Others were slightly more cautious in view of the euro zone crisis and the slowing global economy. But generally, experts still believed the market to grow.

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