Private property prices in Singapore rose at a much slower rate in the first three months of this year compared to the quarter before, as government curbs announced in January to cool the market dampened demand.
The state’s private residential property index rose 1.1 points, or 0.5 percent to 213.1 points in the quarter ending March, according to the Urban Redevelopment Authority, Singapore’s national land use planning authority. This compares to the 1.8 percent increase to 212 in the quarter that ended in December.
The price increase of non-landed private residential properties slowed to 0.4 percent in the core central region, compared to the 0.7 percent in the previous quarter. Prices in areas outside the central region showed a 1.7 percent in the first quarter, less than half the increase of 3.8 percent in the previous quarter.
The latest curbs included a seller’s stamp duty and increased taxes for foreigners and corporate, which rounded out the nation’s seventh round of cooling measures in the last four years.