April 27, 2018 / 3:29 AM / a year ago

Singapore revises up first-quarter home price rise, fastest pace in eight years

A view of the Pinnacles at Duxton public housing estate in Singapore March 22, 2017. REUTERS/Edgar Su/Files

SINGAPORE (Reuters) - Singapore confirmed its biggest quarterly jump in private home prices in nearly eight years on Friday, a 3.9 percent jump that beat an earlier estimate of 3.1 percent and pointed to a recovery.

The pace of growth was the quickest since the second quarter of 2010 when home prices rose 5.3 percent, and beat an earlier estimate for Q1 2018 of 3.1 percent.

The private residential property index increased 5.4 points to 144.1 points in the first quarter from 138.7 points in the fourth quarter of 2017, according to estimates from the Urban Redevelopment Authority.

Singapore’s housing market is recovering from a four-year slump that followed a series of government cooling measures. Prices rose 1.1 percent in 2017, helped by pent-up demand and stronger economic growth.

Reporting by John Geddie; Editing by Sam Holmes

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