CCR
RCR
OCR
Source: URA
Market Outlook
This suggests some stabilization and cooling in the local property market. While growth has slowed, Singapore’s continued economic development and political stability remain a strong draw for property investments, making it a promising market to keep an eye on.
Key takeaway
- Overall private residential property index increased by 0.2% in 4th Quarter 2022, compared to 3.8% increase in the previous quarter
- Prices of non-landed private residential properties in CCR, RCR, and OCR increased by 4.6%, 9.2% and 9.3% respectively for the whole of 2022
- Sale transaction volume fell by about 49% on a quarter-on-quarter basis and by about 60% on a year-on-year basis in 4th Quarter 2022
According to the latest flash estimates from the Urban Redevelopment Authority (URA), private residential property prices in Singapore showed moderate growth in Q4 2022. The URA’s private residential index rose by 0.2% during the quarter, slowing down from the 3.8% growth in the previous quarter. Specifically, prices of non-landed properties increased by 0.3%, while private home prices rose at a slower pace overall. This suggests some stabilization and cooling in the local property market. While growth has slowed, Singapore’s continued economic development and political stability remain a strong draw for property investments, making it a promising market to keep an eye on.
The Urban Redevelopment Authority (URA) has released its flash estimate of the price index for private residential property for the 4th Quarter of 2022. According to the report, there was a moderation in the growth of private residential property prices in the fourth quarter, with an overall increase of 0.2% from the 3rd Quarter of 2022 to the 4th Quarter of 2022. This represents a notable decrease from the 3.8% increase in the previous quarter and a slowdown from the double-digit growth seen in 2021.
Prices of non-landed private residential properties in the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) have also increased, with a 4.6%, 9.2%, and 9.3% increase respectively for the whole of 2022. However, prices in OCR saw a notable decrease of 2.6%, compared to a 7.5% increase in the previous quarter.
Sale transaction volume also experienced a decline, with a 49% decrease on a quarter-on-quarter basis and a 60% decrease on a year-on-year basis in the 4th Quarter of 2022. Overall, sale transaction volume fell by about 36% compared to 2021.
Please see the table below for a comparison of the 4th Quarter 2022 and 3rd Quarter 2022 private residential property price index:
| Region | 4Q 2022 | 3Q 2022 | % Change |
|---|---|---|---|
| Core Central Region | 201.9 | 200.9 | 0.5% |
| Rest of Central Region | 162.3 | 158.1 | 2.6% |
| Outside Central Region | 152.8 | 156.7 | -2.6% |
The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-December. As always, the public is advised to interpret the flash estimates with caution, as past data has shown that the difference between the quarterly price changes indicated by the flash estimate and the actual changes could be significant when the change is small.
