According to a chief executive officer at a property company, supply constraints have led to higher rents and prices in Singapore.

Hari Krishnan said that “you can see a huge gap between supply and demand.” PropertyGuru.

In December 2021 Singapore took measures to reduce the volatility of the real estate market. analysts told CNBC in February that they expected prices to continue to rise, though at a slower rate.

Private residential property prices increased by 0.7% in the first three months of 2022,According to the Urban Redevelopment Authority, this is compared to the 5% increase recorded in the fourth quarter of 2021.

The resale price index for public housing flats increased 2.4% in the first quarter of the year,Data from the Housing and Development Board revealed a lower increase than the 3.4% in growth over the past three months.

PropertyGuru’s Krishnan said Singapore’s construction sector was largely shut for around two years because of a lack of manpower, though the industry started to recover in 2021. According to him, supply chain bottlenecks had also affected the building material sector.