Singapore home prices rebounded last quarter after their first drop in three years, in a sign of the persistence of a property boom that has gripped the city-state for years.
Private home valuations rose 0.5% from the previous three months, reversing a 0.2% drop in the second quarter, initial estimates from the Urban Redevelopment Authority showed Monday.
The financial hub’s exuberant property scene has largely defied a downturn seen in other markets, where rising interest rates and slowing economic growth weakened demand. It has also prompted concern by authorities, as locals chafe at the drop in affordability of homes.
The resilient market has prompted multiple rounds of curbs in recent years, including most recently the doubling of taxes on property purchases for foreign buyers in April to 60% — the highest among major markets.
Home sales in the city-state fell to a seven-month low in August, according to the latest figures released by the URA, due to slowing demand amid a dip in major project launches.
