Singapore home prices climbed for a fourth straight quarter as the country’s property valuations continue to defy a significant slowdown in sales.
Prices for private residences rose 1.1% from the previous three months, according to preliminary figures released by the Urban Redevelopment Authority on Monday. That compared with a 1.4% rise in the first quarter.
The increase marks the fourth straight quarter of price gains, reflecting continued local spending power despite a broader slowdown in sales in a market that boomed through the pandemic.
That has made the financial hub the third-most expensive city in the world to buy private housing, according to an annual report recently published by Swiss wealth manager Julius Baer.
That surge prompted authorities to introduce multiple curbs on the market, including a 60% stamp duty on foreign purchases of residential assets. The increased levies, along with high interest rates, have cooled demand, with home sales falling for a second month in May.
See also: Singapore retains title as most expensive city for luxury spending: Julius Baer report
Chart: Bloomberg
