According to the latest figure released by the authorities, the price f private homes have risen by 0.5 per cent during the third quarter till September in the tiny nation of Singapore.

The prices had recorded a rise of 0.4 percent in the second quarter and a fall of 0.1 percent during the first quarter of the year till March, according to data released by the Urban Redevelopment Authority (URA) of Singapore.

The URA released the estimates for the price index for private residential property in the city state. The rise in price is mainly due to mass market segment and the prices outside of the central region grew by 1 per cent. The prices in the remaining region grew by 0.7 percent during the third quarter compared to a rise of 0.4 percent in the second quarter.

The rising price of housing in the country has resulted in a high inflation rate for the nation. The sales of new private homes were down 27 percent in August but were mainly due to the Hungry Ghost Festival of lunar July. The demand for residential protest in the country remains high.