Prices of Private Homes Rose The Fastest in 8 years
SINGAPORE (Nikkei Markets) -- Prices of private homes in Singapore rose at the fastest pace in eight years in the first quarter, exceeding earlier estimates and reflecting growing confidence in the property market. The latest data from the Urban Redevelopment Authority also suggest the recovery may be broadening to other parts of the real-estate market, such as retail space, although the gains there were far more modest. In all, prices of private homes increased by 3.9% in the January-March period, above an earlier URA estimate of 3.1% and the 0.8% increase in the last quarter of 2017. Apartments, which make up the bulk of Singapore's housing, saw prices rise 4.4% from the previous quarter. Property prices started recovering in the second half of last year after a near four-year decline caused by a tepid economy and the government's cooling measures aimed at damping speculation. The growing demand for apartments has led to a scramble for land amongst developers, resulting