Non-landed housing prices in Singapore rose 1.7% quarter-on-quarter in 3Q, slowing from the 2.0% quarterly rise recorded in 2Q. The decline was led mainly by the rest of central region (RCR) which witnessed a 1.6% quarterly rise, down from 3.5% seen previously.

Our thoughts: While overall prices slowed, prices in the central core region (CCR) staged a strong recovery with prices in 3Q rising 2.9%, accelerating from 2Q’s 2.3% as the sub-market saw a recovery in transaction volumes via more launches and an increase in foreign buyers. Going forward, while we maintain our expectation for overall price growth and transaction volumes to moderate further; the CCR sub-market could surprise on the upside as foreign buyers looking for safe haven investments start to return.