SINGAPORE - Private home prices rose 3.1 per cent in the first quarter of this year over the preceding quarter, according to the Urban Redevelopment Authority flash estimates released on Monday morning (April 2).
This marks the the steepest quarter-on-quarter hike since the second quarter of 2010, when the index rose 5.3 per cent.
Private home prices posted quarter-on-quarter gains of 0.8 per cent in the fourth quarter of 2017 and a 0.7 per cent in the third quarter, after they bottomed in the second quarter of last year.
Prices are now up 4.6 per cent from a year ago, going by the the flash data.
URA said that prices of non-landed private residential properties increased by 5.0 per cent in the prime area or Core Central Region (CCR) in the first quarter, compared with the 1.4 per cent increase in the previous quarter.
In the city fringe or Rest of Central Region (RCR), prices rose 1.1 per cent, after posting a gain of 0.4 per cent in the previous quarter.
Prices in the suburbs or Outside Central Region expanded 3.8 per cent, following a 0.8 per cent increase in the previous quarter.
Prices of landed residential properties went up 1.8 per cent in the first quarter, after rising 0.5 per cent in the previous quarter.