Flat and house viewings increased substantially in Singapore after Covid restrictions were finally eased in April this year, according to the latest real estate report released by the Urban Redevelopment Authority (URA) on 22 July.

Residential property prices in Singapore rose at a quicker pace of 3.5% in the second quarter of this year, five times the 0.7% increase in the previous quarter.

Properties in the core central region rose by 1.9%, while those in the rest of the central region went up by 6.4%.

Resale transactions accounted for 62% of all property sale transactions in the second quarter. There were 4,236 resale transactions in the last quarter, compared to 3,377 units in the preceding three months.

Rentals of private homes increased by 6.7% in the second quarter, compared with a 4.2% rise in the previous quarter. The report added that more tenants are signing lease periods of at least two years to lock in the current rental rate, as they anticipate that rents will rise further in the coming months.