THE Urban Redevelopment Authority’s (URA) overall private home price index rose 3.1 per cent in the first quarter of this year over the preceding quarter, based on a flash estimate released on Monday morning.
This marks the steepest quarter-on-quarter hike since Q2 2010, when the index rose 5.3 per cent.
The index posted quarter-on-quarter gains of 0.8 per cent in the fourth quarter of 2017 and 0.7 per cent in Q3, after hitting bottom in the second quarter of last year.
The index is now up 4.6 per cent from a year ago.
The URA said that prices of non-landed private residential properties increased by 5.0 per cent in the prime area or Core Central Region (CCR) in the first quarter, compared with the 1.4 per cent increase in the previous quarter.
In the city fringe or Rest of Central Region (RCR), prices rose 1.1 per cent, after posting a gain of 0.4 per cent in the previous quarter.
Prices in the suburbs or Outside Central Region expanded 3.8 per cent, following a 0.8 per cent increase in the previous quarter.
Prices of landed residential properties went up 1.8 per cent in the first quarter, after rising 0.5 per cent in the previous quarter.