off-the-wire

REFILE-Singapore private residential prices rise 3.3% in 1Q, signals strong demand

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Corrects to restore dropped word in first paragraph) SINGAPORE, April 28 (Reuters) - Singapore's private property prices rose in the first quarter, official data showed on Friday, slightly higher than the flash estimate, reinforcing a months-long robust demand that has forced authorities to introduce tough new cooling measures.


Singapore's private residential property price index rose 3.3%% in the first quarter, compared with 3.2% in the flash estimates, and much higher than the 0.4% increase in the previous quarter.


Rentals of private residential properties increased by 7.2% in the first quarter of 2023, a marginal moderation from the 7.4% increase in the previous quarter.


Singapore raised levies on private property purchases in a surprise move late on Wednesday night to cool the market, including a doubling of stamp duties for foreigners to an eye-watering 60%. (Reporting by Chen Lin in Singapore Editing by Shri Navaratnam)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.