Singapore Property Prices Reach a Record High
October 13, 2010 - Singapore
Singapore property prices have reached a record high in the third quarter, as the country's economy booms following the recession period last year.
Private residential prices increased by 3.1% within three months after July, down from 5.3% growth in the second quarter, said the Urban Redevelopment Authority.
Prices of public housing apartments, accommodating about 80% of Singaporeans, rose 4% last quarter.
Additionally, private property prices leapt 5.6% in the first quarter and 7.4% in the fourth, bouncing back after declining 25% within the period of 12 months to mid-2009.
Singapore was ranked near the top of the expatriate quality-of-life surveys and attracted investors to the residential and office property markets due to its low crime rate, good schools and low personal and corporate taxes.
The country has also opened its first two casino-resorts this year, attracting tourists to a greater extent.
The government is expecting the economy to grow as much as 15 percent this year.
Source: Property Report
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