CCR
RCR
OCR
Source: URA
Market Outlook
The rise was led by a 7% jump in suburban condos, attributed to the success of three new launches. These findings indicate that the private residential market is still thriving, despite pandemic-related disruptions.
Key takeaway
- Overall, private residential property prices increased by 3.4% in 3rd Quarter 2022, compared to the 3.5% increase in the previous quarter.
- Prices of non-landed private residential properties in the Core Central Region (CCR) increased by 2.3%, while prices in the Rest of Central Region (RCR) increased by 2.5%. Prices in Outside Central Region (OCR) saw the biggest increase at 7.0%.
- The flash estimate is based on transaction prices from contracts submitted for stamp duty payment and developer sales data up till mid-September. The statistics will be updated on 28 October 2022 with the full set of real estate statistics for 3rd Quarter 2022.
According to the recent flash estimate released by the Urban Redevelopment Authority (URA), private residential property prices in Singapore have risen yet again in the third quarter of 2022. This marks the tenth consecutive quarter of growth, with prices growing by 3.4% on a quarter-on-quarter basis. The rise was led by a 7% jump in suburban condos, attributed to the success of three new launches. These findings indicate that the private residential market is still thriving, despite pandemic-related disruptions. Additionally, according to experts, this trend is likely to continue into 2023, with rents also expected to rise. The URA’s flash estimate follows a similar upward trajectory reported in the previous quarter, with price growth exceeding expectations. These estimates suggest that the housing market in Singapore remains resilient and a worthwhile investment for buyers.
The private residential property market in Singapore continued to see price growth in the 3rd Quarter of 2022, according to the latest flash estimate from the Urban Redevelopment Authority (URA). The overall private residential property index increased by 6.2 points, or 3.4%, from the previous quarter.
Among the different regions, prices of non-landed private residential properties in the CCR saw a moderate increase of 2.3%, while RCR prices rose by 2.5%. However, the OCR saw the highest increase in prices at 7.0%. This could be attributed to the increased demand for properties outside the central region due to work-from-home arrangements and the relaxation of travel restrictions.
Here’s a table comparing the price index of non-landed private residential properties for the 2nd and 3rd Quarters of 2022:
| Region | 2Q 2022 Price Index | 3Q 2022 Price Index | Percentage Change |
|---|---|---|---|
| Core Central Region | 189.5 | 194.0 | 2.3% |
| Rest of Central Region | 177.4 | 181.8 | 2.5% |
| Outside Central Region | 162.7 | 174.2 | 7.0% |
| Overall Private Residential | 180.9 | 187.1 | 3.4% |
It is important to note that the flash estimate is based on transactions up till mid-September, and there could be changes when the full set of real estate statistics is released on 28 October 2022. As such, home buyers and investors are advised to interpret the data with caution.
