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Singapore house prices rise 6.1% y-o-y in 1Q2021: Knight Frank

EdgeProp Singapore |

June 4, 2021 10:49 AM SGT

SINGAPORE (EDGEPROP) - Non-landed home prices in Singapore have risen 6.1% y-o-y in 1Q2021, taking 27th place out of 56 countries worldwide, according to Knight Frank’s global house price index for the first quarter. (See: Singapore’s office market shows recovery in 1Q2021: CBRE)

Hong Kong takes 46th place, recording a 2.1% y-o-y increase in home prices for 1Q2021.

Globally, the research finds that house prices are rising at their fastest rate since 4Q2006 — Knight Frank’s global house price index registered a 7.3% increase in the year to March.

The top 10 countries comprised largely developed nations, including the US (13%), Sweden (13%), Austria (12%) and Canada (11%).

Turkey takes the top spot, with a 32% increase y-o-y in the first quarter of the year, followed by New Zealand at 22.1%.

Since January, authorities in China, New Zealand, and Ireland have intervened with a range of measures, including tighter lending rules to higher stamp duties for multiple purchases, states Knight Frank.

Canada is exploring a national vacancy tax and China is mulling over a national property tax, it adds.

However, there are also countries registering weak growth or a slide in prices. These include Italy (1.6%), India (–1.6%) and Spain (–1.8%), either due to “stringent lockdowns, economic concerns or excess supply”, it notes.

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