(Bloomberg) -- Singapore home prices climbed at a faster pace in the second quarter but the momentum may be threatened by concerns over the rising cost of living and higher interest rates.

Prices grew 3.5% in the three months, Urban Redevelopment Authority data showed Friday. That’s higher than the preliminary estimate of 3.2%, and a jump from first-quarter growth of 0.7%.

Rising costs and rate hikes may crimp Singapore’s property market, which has been resilient even after the government imposed cooling measures to calm the property boom. Home sales slumped in June to the lowest in more than two years. 

The city-state’s central bank last week took action to curb inflation by unexpectedly tightening its monetary policy.

©2022 Bloomberg L.P.