The increase in private home prices was close to 7.9% for 2018 in comparison to an increase of 1.1% for 2017 as per reports. The increase may have come down considerably post the introduction of measures by the Government for cooling the market. The increase was 0.5% for private home prices for Q3 2018 and the fall was 0.1% in Q4 2018 as per reports.
Prices for non-landed private homes in the CCR (Core Central Region) went down by around 1.5% as compared to the increase of 1.3% for the third quarter. Prices in the remaining RCR (Rest of Central Region) increased by 1.8% in the same period. Prices for the OCR (Outside Central Region) have gone up by 0.8%. For the entire year of 2018, prices have gone up by 6.2% for the CCR and also 9.5% and 7.4% for the OCR and RCR respectively.
Prices have increased in the OCR and RCR on account of multiple launches of new housing projects like the Kent Ridge Hill Residences, Parc Esta, Arena Residences and Whistler Grand among others. Prices could remain steady for 2019 with several new housing launches on the anvil. Real estate developers are not looking to reduce prices anytime soon in order to draw more buyers since demand is steadily picking up. There should not be any downward movement in prices in the near future as per experts.
Private home prices may increase by 1-2% in 2019 due to several factors like higher land bids and rising sales volumes as per experts. Prices of new private homes should remain steady this year with developers having already purchased land parcels at considerably higher amounts earlier. Prices should continue stabilizing and growing slowly between 1-3% for 2019.