(Oct 1): Singapore private home prices rose at the fastest pace since 2024 even as sales slowed, in a sign that the property boom in the city-state has yet to abate.

An index of private residential property increased by 1.4% in the third quarter, accelerating from 0.5% in the second, according to preliminary estimates released by the Urban Redevelopment Authority Thursday.

Home sales have dropped significantly amid a dearth of new major project releases, which have long been a major driver of property price surges in the city-state. Overall transactions in the quarter through mid-September were down about 30% from the second, figures released by the authority show.

But Singapore’s property market has been buoyed by a mix of locals and wealthy immigrants, as well as low borrowing costs, a trend that continues to keep prices of new homes elevated. Authorities in the city-state have already added multiple curbs in recent years in an attempt to calm the rush to invest in properties. 

Another closely watched measure that covers second-hand prices of public housing, where the bulk of locals live, continued to trend downward. These residences saw an estimated decrease of 0.2%, a third consecutive quarter of modest declines. 

The URA is scheduled to release final figures on Oct 23. 

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