Private home prices was reported rise faster in Q3 despite COVID-19 recession. The number of landed homes transacted in the third quarter of 2020 rose to 544 units up by more than 50% from 212 units in the previous quarter, reported The Business Time (BT).
It’s is the strongest quarter for landed homes since Q2 2018 when 755 landed housing units were transacted.
The hike in landed sales resulted to a 3.8% quarter-to-quarter increase in the URA landed residential price index. Wong Siew Ying Head of Research and Content at PropNex said the increase in demand was primarily driven by investors looking to preserve their wealth and hedge against inflation as countries implemented quantitative easing measures following the pandemic “Singapore’s reputation as a safe haven for investment and the positive long-term outlook for its property market also gave investors the confidence to park their funds here” she said as quoted by Business Time (BT).