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Business News/ News / World/  Flat prices in Singapore inch higher despite recession

Home prices in Singapore rose in the second quarter although analysts expect the remainder of 2020 to be lackluster.

Property values increased 0.3% in the three months ended June 30, Urban Redevelopment Authority data released Friday showed. Apartment prices declined 1% in the first quarter as strains of Covid-19 began to impact upon daily life.

Singapore’s economy plunged into recession last quarter as an extended lockdown shuttered schools, shopping malls and most workplaces. Activity now has largely resumed, including property viewings and the reopening of display units, although groups are limited to five people and there must be appropriate social distancing.

Analysts say home prices may fall between 3% to 6% this year, something which may spark buyer demand for those who can afford it. The number of new units sold rose to 998 last month from 487 in May, the most since November and up from a near six-year low of just 277 in April.

“Low interest rates will keep borrowing costs affordable while the massive quantitative easing programs will likely stimulate spending," Christine Sun, the head of research and consultancy at OrangeTee & Tie Pte, said. That should raise investor confidence, spurring both economic growth and the real estate market, she said.

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This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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Updated: 24 Jul 2020, 10:42 AM IST
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