Private housing prices in Singapore rose 2.7% in the fourth quarter of 2023, driven by sales of newly built properties at the new standard price despite low transaction volume. The fourth-quarter spurt pushed the price index up from a 0.8% rise in the third quarter to a 6.7% gain at the end of the year, slowing from an 8.6% rise in 2022 and a 10.6% rise in 2021.
PropertyGuru Singapore country manager Tan Tee Khoon pointed out that price fluctuations throughout 2023 suggest that private home prices have more or less peaked.
Still, CBRE’s head of Singapore and Southeast Asia research, Tricia Song, said private home prices had been rising for seven consecutive years since bottoming out in mid-2017. Prices are also up 32.3% from the last low in the first quarter of 2020, she said.
Much of the price growth in 2023 will be driven by suburban non-land markets, where prices rose 13.8% in the same year, Song said. Price increases outside the Central Region (OCR) are attributable to prices in other urban peripheries of the Central Region (RCR) (up 2.7%) and prices in the Prime Core Central Region (CCR) of the Core Region (CCR) (up 2.7%). (up 2.1% from the previous year). Year.
Private condo prices in OCR rose 4.6% sequentially (QoQ) following a 5.5% increase in the third quarter. CCR price growth slowed slightly in the fourth quarter to 4.2%, but recovered from the 2.7% drop in the previous quarter.