Last year, Singapore home prices rose to their highest level in more than a decade, boosting the island state’s government’s decision to impose “cooling” policies that will hopefully help the Singaporean property market’s stability.
According to estimates released by the Urban Redevelopment Authority on Friday, prices increased by 10.6% in 2021. This is the highest level since 2010, when they increased by 17.6%. In 2020, values increased by 2.2%. Meanwhile, prices rose 5% in the fourth quarter compared with the previous 3 months, matching the original projection.
The data highlights why the government stepped in in the middle of December, imposing restrictions on second-home purchasers and foreigners buying family homes, including higher stamp taxes. Home buyers took advantage of the low interest rates. They expect the prices to rise when the economy improves.
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