Singapore’s Property Market Overview for Q3 2023:
As Q3 2023 concludes, Singapore’s property trends show a range of developments within its key property segments: HDB flats, non-landed private residences, and landed private homes. Let’s break down the performance of each
HDB Resale Sector Q3 2023
Prices for HDB flats saw a slight increase, with the Resale Price Index (RPI) rising by 1.3% compared to the last quarter and 6.2% compared to the previous year. This shows a sustained positive movement, though at a reduced rate.
Non-Landed Private Residences Q3 2023
This segment saw an uplift, with prices growing by 2.2% quarter-on-quarter, and 4.4% year-on-year as per the Urban Redevelopment Authority (URA). After a decrease of 0.6% in the prior quarter. Both new sales and resale volume are down -8.5% and 2.6% quarter-on-quarter respectively. These figures suggest a revival in consumer confidence and demand.
Landed Private Homes Q3 2023
In contrast, landed private home prices declined. They decreased by 3.6% quarter-to-quarter, according to the URA, after a rise of 1.1% in the previous quarter. The new sale volume increased by 35.3%, and the resale volume increased by 0.8% quarter-to-quarter. This indicates the unpredictable nature of the premium market segment.
Rental Sector Q3 2023
Rental rates varied, with landed properties showing a 4.4% growth quarter-to-quarter, and non-landed properties seeing a smaller 0.2% increase. The rental growth differences between these sectors reflect broader pricing trends, emphasizing the diverse supply and demand forces.
Overall Perspective:
The overall private housing market, which includes both landed and non-landed homes, experienced a slight 0.5% growth in prices in Q3 2023. This followed a minor decrease in Q2. The rise in non-landed home prices significantly contributed to this recovery, offering a cautiously optimistic view as we approach the year’s end.
These varied trends across property types highlight the intricate balance of market drivers, governmental actions, and evolving societal patterns. The differing price behaviors emphasize the need for detailed analysis For anyone looking to invest or purchase property in Singapore, understanding these nuances is vital.
Stay updated with further insights on the evolving landscape of Singapore’s property scene. Feel free to contact me if you require a professional 1-to-1 consultation on your property needs.
