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Private home prices rose 3.9% in Q1, biggest increase since mid-2010

SINGAPORE - Private residential prices climbed 3.9 per cent in the first quarter of 2018, handily beating a flash estimate of 3.1 per cent growth, according to data from the Urban Redevelopment Authority (URA) on Friday (April 27).

This marks the steepest quarter-on-quarter gain since the second quarter of 2010, when the index gained 5.2 per cent.

Private home prices posted a quarter-on-quarter rise of 0.8 per cent in the fourth quarter of 2017 and a 0.7 per cent rise in the third quarter, after bottoming in the second quarter of last year.

Non-landed home prices led the way this quarter with a 4.4 per cent increase, compared with last quarter's 0.8 per cent rise.

Landed properties rose by 1.9 per cent, compared with the quarter ago's 0.5 per cent increase.

By region, prices of non-landed homes in the outside central region (OCR) homes outperformed the rest by posting 5.6 per cent in gains, compared to the 0.8 per cent increase in the previous quarter.

Such properties in the core central region (CCR) saw prices rise by 5.5 per cent, compared with the quarter ago's increase of 1.4 per cent. Prices of those in the city fringe or rest of central region (RCR) area increased by 1.2 per cent, higher than the 0.4 per cent growth in the previous quarter.

Rents for private homes edged up 0.3 per cent, after declining 0.9 per cent in the previous quarter.

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