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Private residential property index decreased by 0.4% in 2nd Quarter 2023, URA flash estimate reports

SINGAPORE — The Urban Redevelopment Authority (URA) announced today its flash estimate of the price index for private residential property for the 2nd Quarter of 2023, showing a 0.4% decline. This is a significant change following the 3.3% increase observed in the 1st Quarter of 2023.

Despite the overall dip, sale transaction volume in the 2nd Quarter of 2023 increased by 16% from the previous quarter, as the number of units launched for sale also rose.

However, year-on-year, transaction volume decreased by about 30%.

Non-landed property prices fell by 0.5% in the 2nd Quarter, in contrast to the 2.6% increase in the previous quarter.

Meanwhile, landed property prices experienced a slight increase of 0.1% – significantly less than the 5.9% increase observed in the previous quarter.

The prices of non-landed private residential properties in the Core Central Region (CCR) and the Outside Central Region (OCR) both saw moderated increases, at 0.3% and 1.2% respectively. However, prices in the Rest of Central Region (RCR) experienced a significant decline of 2.6%.

The flash estimates are preliminary, with full real estate statistics to be updated by the URA on 28 July 2023.

Dr Tan Tee Khoon, Country Manager – Singapore, PropertyGuru, sharing his insights on these trends, pointed out that this is the first quarter of price decrease after twelve consecutive quarters of growth.

This can be attributed to the latest round of property cooling measures introduced in April 2023, which saw Additional Buyer’s Stamp Duty (ABSD) rates increase significantly, particularly targeting foreign investors.

Dr Tan also highlighted some key drivers behind price trends across regions. The price growth in OCR was primarily fueled by HDB upgraders, as indicated by the successful launch of Blossoms By The Park.

Despite the overall price decrease, the RCR was sustained due to the strong performance of new condominium launches like The Reserve Residences, Tembusu Grand, and The Continuum.

Looking ahead, Dr Tan anticipates that private residential property prices may continue to moderate due to the increased ABSD rates and the selective behaviour of property seekers.

The recent increase in land allocated for residential property development in the Government Land Sales programme for 2H2023, as well as the development of the Jurong Lake District site, could also contribute to the further price and rent moderation in the next few years, said Dr Tan.

For more details and updates, the public is encouraged to refer to the full set of real estate statistics to be released by the URA on 28 July 2023.

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