Property
Private residential property prices in Singapore experience modest uptick in Q3 2023
Singapore’s URA reports a 0.5% rise in private residential property prices for Q3 2023, a cautious rebound from Q2’s 0.2% decline. While non-landed properties saw growth, landed property prices dipped. Dr Tan Tee Khoon of PropertyGuru suggests the market may be nearing its peak.
![](https://gutzymedia.s3.ap-northeast-2.amazonaws.com/wp/2023/07/17063244/property.jpg)
SINGAPORE: The Urban Redevelopment Authority (URA) has unveiled its preliminary estimate on the price trajectory for private residential properties in the 3rd Quarter of 2023.
In this estimate, the price index for private residences experienced a modest uptick of 0.5% on a quarter-to-quarter basis, in contrast to a 0.2% dip observed in Q2 2023. Notably, the rate of this increase is markedly below the average quarterly ascent of 2.1% reported throughout 2022.
Furthermore, the sales volume for private residential properties dipped considerably, registering a 15% drop compared to the last quarter and a 26% slump year-on-year.
Segmenting the property types, landed properties witnessed a slide in prices by 4.9%, overturning the 1.1% hike from the previous quarter. Conversely, non-landed properties saw their prices buoyed by 2.1%, bouncing back from a 0.6% decrement in the quarter prior.
This resurgence in the non-landed sector was largely spurred by sustained demand in the Rest of Central Region (RCR) and Outside Central Region (OCR), even as prices in the Core Central Region (CCR) experienced a downturn.
While these flash estimates serve as an early indicator, URA stresses prudence in their interpretation. The authority highlighted that when the magnitude of change is minimal, discrepancies between the flash estimates and the final figures can be pronounced.
Private residential market nearing peak: PropertyGuru
Elaborating on URA’s flash estimates, Dr Tan Tee Khoon, the Country Manager for Singapore at PropertyGuru, posits that the private residential market may be exhibiting signs of reaching its zenith.
He ascribes the 2.3% surge in non-landed private property prices in the RCR to the stellar performance of Grand Dunman, which emerged as the standout new condo launch this year.
This development managed to transact over half of its units, averaging at a price of $2,500 per sq ft during its inaugural sales weekend.
The OCR, on the other hand, recorded the most pronounced growth in prices for non-landed private properties, registering an impressive 5.1% leap in Q3 2023. This growth momentum can largely be attributed to the preponderance of major new condo launches situated within this region.
However, Dr Tan discerned two evolving patterns casting a shadow on the market’s vibrancy: a dwindling pool of first-time homebuyers and the adjusted Additional Buyer’s Stamp Duty (ABSD) rates rolled out in the April 2023 property cooling measures.
These trends, in tandem with looming economic uncertainties and the spectre of rising interest rates, signify an impending moderation in private residential property prices.
The market outlook seems especially tentative for properties that aren’t strategically situated near renowned schools, MRT hubs, or within well-established neighbourhood enclaves.
A comprehensive set of real estate statistics, offering a deeper dive into the market, is slated for release by URA on 27 October 2023.
![](https://gutzy.asia/wp-content/uploads/2023/10/Gutzy-Logo-whiteS.png)
-
Politics1 week ago
Jamus Lim on Minister Chee Hong Tat’s remarks on fiscal policy: Calls for genuine debate over rhetoric
-
Politics2 weeks ago
SM Lee: Singaporeans must ‘change attitudes’ as Govt promises ‘bold and necessary changes’
-
Community1 week ago
Toast Box faces backlash and boycott calls amid price increases
-
Media7 days ago
Notice to Our Readers: Moving Back to The Online Citizen
-
Singapore1 week ago
Singapore introduces new scheme in April 2025 offering up to S$6,000 in financial support for retrenched workers
-
Politics1 week ago
Jamus Lim raises concerns over high cost of living and its impact on Singaporeans’ sense of belonging
-
Opinion1 week ago
Chee Hong Tat’s call for fiscal prudence rings hollow amid contradictory government spending
-
Singapore1 week ago
Tan Suee Chieh: Sacrificing NTUC Income’s values for short-term gains undermines its foundation
Of course they want their hdb prices to go up and up and up !! Do the cotton or pineapple lovers know their lease is coming down down down ? tsk tsk tsk