Private residential property prices in Singapore rose 2.7 per cent for the fourth quarter of 2023, pulled up by sales at new launches priced at fresh benchmarks amid low transaction volume. The Q4 spurt lifted the price index from a 0.8 per cent increase in Q3, to end the year with a 6.7 per cent gain, easing from the 8.6 per cent increase in 2022 and 10.6 per cent rise in 2021.
Tan Tee Khoon, PropertyGuru Country Manager for Singapore, pointed out that price fluctuations across 2023 suggest that private home prices have more or less peaked.
Still, this is the seventh straight year of growth for private home prices, after bottoming in mid-2017, said Tricia Song, head of research for Singapore and South-east Asia, CBRE. Prices are also up 32.3 per cent since the last trough in Q1 2020, she said.
Much of 2023’s price rise was fuelled by the suburban non-landed market, where prices rose 13.8 per cent during the year, said Song. Outside Central Region (OCR) price gains far outpaced prices in the city fringe areas of the Rest of Central Region (RCR), which rose by 2.7 per cent, and prime Core Central Region (CCR) prices which were 2.1 per cent higher year on year.
Quarter on quarter (QoQ), private condo prices in the OCR were up 4.6 per cent, following a 5.5 per cent increase in Q3. CCR prices rose slightly less, at 4.2 per cent in the fourth quarter but recovering from the previous quarter’s decline of 2.7 per cent.
