Private residential prices rise 1.7% in 2009

Private home prices rose 1.7 per cent overall in 2009, despite the recession, according to preliminary estimates by the Urban Redevelopment Authority.

Prices of new homes in suburban areas outperformed the rest, rising at 11.2 per cent for the full year.

However, market watchers said the demand and supply of these mass market homes are likely to ease this year. Their prices will also rise at a slower pace at between 3 per cent and 6 per cent.

In contrast, high end homes are expected to fare better in 2010, with room for price increases.

Analysts projected prices of luxury and mid-tier apartments to rise 20 per cent to 25 per cent in the next 12 months.

Source : Channel NewsAsia – 4 Jan 2010

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