Illustrative image (Source: straitstimes)
 
Singapore (VNA) - Private home prices in Singapore bounced to a five-year high in the second quarter of this year, reported the Urban Redevelopment Agency (URA) on July 1.

The private residential property index rose 1.3 percent to 150.5 points, the highest since the first quarter of 2014. The figure fell by 0.7 percent in the first quarter.

Prices of non-landed private residential properties rose by 1.5 percent in the Core Central Region (CCR) compared to a 3 percent fall in the previous quarter.

Head of OrangeTee & Tie research and consultancy Christine Sun said the uptrend is within expectation as new homes sales currently form the lion's share of the property market and many new projects are selling at new benchmark prices for their locations in recent months.

Several economists said underlying demand is still very resilient despite the cooling measures issued by the government last year.

OrangeTee & Tie forecast that home prices will increase by 1-3 percent this year.

CBRE's head of research for Singapore and Southeast Asia Desmond Sim forecast that housing market will remain stable in mid and long-term.-VNA