URA Flash Estimates for 2Q2021

1 July 2021 EdgeProp News. Brief summary:

-Based on the flash estimates for 2Q2021, private home 🏡prices have risen by 4.3% in the first half of 2021.

- “The moderation in price growth as reflected by the flash estimate, and the latest comments by the Monetary Authority of Singapore’s managing director Ravi Menon that the property market is not overheated, may dispel some concerns of new cooling measures being introduced in the near-term,” Propnex’s CEO Gafoor says. 😃

-The proportion of resident households earning at least 👩‍👧‍👧$9,000 per month increased to 44.2% last year from 29.7% in 2010, according to Spore’s census data.

-The proportion of resident households 👨‍👨‍👧‍👦with monthly incomes of at least $20,000 more than doubled to 13.9% in 2020 from 6.6% a decade ago.

-While total average monthly household income from work rose ↗️by 35.8% to $10,608 in 2020 from a decade ago, the URA private residential price index grew 12.8% between 4Q2010 and 4Q2020, points out Knight Frank’s Tay. This suggests that the rise in affluence over the past decade has provided the impetus for growth in demand for private homes. ✨

Full report at: https://www.edgeprop.sg/property-news/private-housing-prices-fifth-consecutive-quarter-more-sedate-09-2q2021