How much have condo prices changed in the last 10 years?

By EdgeProp Singapore / EdgeProp | January 17, 2019 4:22 PM SGT
If it feels like everything costs a little more with each passing year, it isn’t just your imagination. Inflation does take its toll over the years, and as 2018 passes into the annals of history, let’s take a look at how much private home prices have risen over the past 10 years.
Based on URA data, we looked at the average transacted prices of non-landed private residential properties in the new sales and resale segments across Singapore from 2008 to 2018 to find the comparison. For simplicity’s sake, we assume that all units are between 850 sq ft to 950 sq ft (the average size of a two-bedroom condo), and here’s what we found:
New sales: Projects in the East region saw the highest price increase
Between 2008 and 2018, we found that the average selling price for new projects in the East region saw the highest price increase.
In 2018, prices of a two-bedroom condo transacted at an average of $1.26 million, compared to an average of $677,768 a decade ago. This translates to a price increase of 86% in 10 years.
The price increase is likely due to the revival of suburban localities, the establishment of new growth corridors and new MRT lines in the region. Residents in the East will have more MRT links to the city and to the northern parts of the island with the upcoming Thomson-East Coast Line (TEL), which is slated to begin operation in end 2019.
This is followed by new projects in the North region, which saw a price increase of roughly 77% over the last decade, as shown in the price breakdown below:
*Assuming that all units are between 850 sq ft and 950 sq ft
Source: URA, EdgeProp.sg
Resale properties in the North and the West saw the highest price appreciation
Between 2008 and 2018, resale prices for properties in the North...