Source : AsiaOne News, Oct 1, 2007
Singapore's private home prices surged to a 10-year high in the third quarter, the government said Monday.
The price index of private residential property rose 8 percent to 159.6 points in the July-September quarter, its highest level since the third quarter of 1997, according to preliminary estimates released by the Urban Redevelopment Authority. No average price figures were released.
Singapore's property market has been growing at a blistering pace in recent months, with the second quarter rise being the fastest in eight years.
"Investors are being driven by four factors - increased liquidity, confidence in local economic growth, a healthy job market and a broad-based recovery in the property market," said Nicholas Mak, head of research at property consultancy firm Knight Frank.
The Singapore government recently raised its full-year economic growth forecast to 7-8 percent from a previous target of 5-7 percent. The city-state also added a record 64,400 new jobs in the second quarter when seasonally-adjusted unemployment was a mere 2.3 percent.
The government's preliminary estimates are based on data for the first 10 weeks of the quarter. More detailed figures will be released at the end of the month.
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