SINGAPORE, July 28 Reuters Singapore39;s private home prices rose 3.1 in the first half of the year, official data showed on Friday, bucking a downward trend in global property markets and resisting government measures to cool the redhot market and rising living costs.

Real estate prices in the second quarter dipped just 0.2, data from the Urban Redevelopment Authority showed, even after the government doubled stamp duties for foreigners to an eyewatering 60 in April.

The tightening was the latest in a series of attempts to tame runaway prices that have stirred discontent among residents of one of the world39;s most expensive cities.

Unlike in Britain or New Zealand, where house prices have slumped under the weight of high interest rates, Singapore39;s property market remained resilient through and after the COVID19 pandemic, with private home prices surging 10.6 in 2021 and 8.6 in 2022.

Though prices are now rising at a slower pace than in recent years, buyers are still shelling out about S3,000 2,252 per square foot for private apartments in the central region of the highly urbanised citystate, according to research firm OrangeTee Tie.

Many are hoping to cash in on the lucrative sector.

Donald Lin, 39, gave up a highpaying job in banking to become a real estate agent in late 2020, a move that gave him a 300 boost in annual income.

Property prices in Singapore are only oneway up in general. You may see a shortterm drop during a crisis but surely it will bounce…