Singapore house prices rose 2.7% for the second consecutive quarter in the last three months of 2023 as demand continued to support the market despite cooling measures.
Preliminary figures released yesterday by the Urban Redevelopment Authority show that this is an acceleration from the previous quarter, when house prices rose 0.8%. Prices rose 6.7% last year, slowing from the 8.6% rise in 2022.
Singapore remains one of the world’s most expensive and resilient property markets, as demand can withstand the rise in interest rates that has caused economic downturns in other major global cities, including Hong Kong.
City-state authorities have added regulations in recent years to curb demand and ensure affordability. Overseas interest was hit by the doubling of stamp duty for foreign buyers to 60% in April last year. Officials are also increasing supply by selling more private residential land than in a decade.
Transaction volumes in the fourth quarter were down approximately 27% compared to the previous three months, and the annual number of transactions for all of 2023 was down 15% year over year.
Meanwhile, Singapore’s economy continues to outpace last year’s expectations, helped by lagging growth in manufacturing and construction, despite looming risks in the form of a difficult global economic environment and evolving geopolitical situation. I grew up in
Gross domestic product (GDP) grew by 1.2%, exceeding the government’s forecast of an annual expansion of about 1%.
The performance was stronger than expected, with GDP expanding by 1.7% in the three months to December. Compared to the same period last year, the economic growth rate in the last quarter was 2.8%.
bloomberg