Housing Prices Up

The URA flash estimate released on July 1 showed that the private residential property index increased 0.9% in 2Q2021, compared to 3.3% in 1Q2021. It marks the fifth consecutive quarterly price growth, but at the slowest pace of growth in the past three quarters. In comparison, the price increase of 3.3% in 1Q2021 was the steepest quarterly price increase since 2Q2018.
For the first six months of 2021 to-date, overall private residential prices increased by 4.3%. Over the past 12 months, prices increased 7.3%, according to the URA price index.
The price increase in 2Q2021 was mainly driven by non-landed homes in the Outside of Central Region (OCR) which rose by 1.8% q-o-q. “Prices rose the fastest for the OCR where supply was leanest,”. In contrast, the price increase was less significant for the Rest of Central Region (RCR) at 0.3% and 0.6% in the Core Central Region (CCR).