Trading volume in the fourth quarter was down about 27% from the previous quarter.
For 2023 as a whole, sales transaction volumes were down approximately 15% compared to 2022.
“This was the lowest annual sales transaction volume since 2016,” URA said.
Outlook for 2024
Up to 38 projects, including executive condominium projects, could be launched in 2024, with an estimated 11,590 units on sale, Lee said.
Up to 12 launches could take place in the first quarter alone, with Ardagh Residences, Hillhaven, Rentria, The Arkady at Boon Keng and The Hillshore set to launch before Lunar New Year.
Sun said the property market is expected to remain stable due to continued interest from investors and local home buyers.
“The increased supply of completed condominiums has already contributed to significant price stability in 2023, and we expect this trend to continue in 2024,” she added.
“The real estate market is also expected to benefit from an improving economy and improved employment prospects, which should stimulate demand for real estate.”
Analysts expect price increases to continue to slow and could rise by about 3% to 6% for all of 2024.
URA pointed out that the government is strengthening housing supply through the Government Land Sale (GLS) programme.
“The increase in private housing supply through the GLS program will be ready for sales in the next year or so to meet purchase demand and keep prices in line with economic fundamentals,” it added.