PRIVATE residential property prices rose 3.4 per cent in the third quarter, largely driven by strong sales at new launches in the suburbs which notched new benchmark prices, though price growth is expected to slow for the rest of the year.

For the first nine months of 2022, private residential home prices have increased 7.8 per cent, higher than the 5.3 per cent growth over the corresponding period last year. This follows the full-year increase of 10.6 per cent in 2021. Private home prices have risen 23 per cent since bottoming in Q1 2020, at the onset of the Covid-19 pandemic.

Flash estimates released by the Urban Redevelopment Authority (URA) on Monday (Oct 3) show a broad-based price growth across all segments in Q3, with a sharp jump in the non-landed segment, which went up 4.1 per cent quarter on quarter (qoq), while the landed segment rose 1.2 per cent qoq.