Based on preliminary data, the private residential property price index rose 1.1 percent in the September quarter, the Urban Redevelopment Authority said in a brief statement.

It is the first time the index has posted a rise of more than one percent since 2000.

The government in July eased home mortgage financing rules and lifted certain restrictions on foreigners' right to buy homes to boost the real estate sector.

According to property consultancy CB Richard Ellis, prices will likely increase for the rest of the year as developers prepare to launch more upmarket condominiums.

"Looking ahead, home prices are likely to witness further increases of between four to five percent for the year, as several high-end projects are expected to be launched," it said.

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