Singapore private home prices remain ‘broadly flat’ in third quarter: URA flash estimates

October 2, 2023

SINGAPORE: Private home prices in Singapore increased marginally in the third quarter of 2023, with analysts forecasting moderate growth for the rest of the year.

According to flash estimates released by the Urban Redevelopment Authority (URA) on Monday (Oct 2), third-quarter prices went up by 0.5 per cent – described by URA as “broadly flat” – following the 0.2 per cent dip in the previous quarter, when it fell for the first time since the first quarter of 2020.

URA noted that the latest quarter-on-quarter increase was “significantly lower” than the average quarterly increase of 2.1 per cent for 2022.
Sales fell by about 15 per cent on a quarter-on-quarter basis and by about 26 per cent on a year-on-year basis.

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The prices of non-landed private residential properties went up by 2.1 per cent, compared to the 0.6 per cent decrease in the previous quarter.

The increase was due to higher prices in the Rest of Central Region (RCR) and Outside Central Region (OCR), where it increased by 2.3 per cent and 5.1 per cent respectively.

Ms Christine Sun, OrangeTee & Tie’s senior vice president of research and analytics, pointed out that “most of the new launches were from OCR and RCR last quarter; thus, prices rose faster in these two segments”. Source: CNA