(July 23): Singapore’s home price growth slowed in the second quarter after virus restrictions deterred new launches and limited the number of people who could view apartments.
Private property values rose 0.8% in the three months through June from the previous quarter, according to the Urban Redevelopment Authority data on Thursday. That’s lower than the 0.9% flash estimates and less than the 3.3% growth in the first quarter.
It’s the first time that home value has slowed in five quarters. Singapore’s property market has been sizzling, with both prices of public and luxury homes hitting records. But since May, sales have eased after the government imposed a monthlong lockdown-like order that, among others, limited apartment viewings.
After curbs were relaxed in June, analysts had expected demand to pick up again. But a fresh round of restrictions imposed this week is set to further dampen the frenzy.