Price growth for private homes, HDB resale flats slows in 2022

Singapore ended 2022 with exclusive home prices and also HDB resale prices climbing slower at 8.4% and also 10.3% year-on-year, specifically. Meanwhile, Sceneca House saw virtually 3,000 people group to its showflat in Tanah Merah over the New Year weekend.

Private house costs climbed 8.4% last year, slower than the 10.6% development signed up in 2021, revealed flash price quotes from the Urban Redevelopment Authority (URA) and various Singapore Property Agents.

For the fourth quarter of 2022, prices inched up 0.2%, after boosting 3.8% in the previous quarter.

URA connected the small amounts in price increases to a decline in private real estate sales.

Significantly, sale purchase quantity come by around 49% quarter-on-quarter and by around 60% year-on-year in Q4 2022. For the entire of 2022, sale deal volume fell 36% from 2021.

Non-landed personal house prices within the Core Central Area climbed 0.5% in Q4 2022, after climbing 2.3% in the previous quarter. The Remainder of the Central Region (RCR) uploaded a 2.6% walk, versus the 2.8% increase in Q3 2022.

Prices in the Outside Central Region, on the other hand, dropped 2.6%, a turnaround from the 7.5% rise recorded in Q3 2022.

According to Dr. Lee Nai Jia, Head of Realty Knowledge– Information and Software Program Solutions, PropertyGuru, after the great efficiency of Lentor Modern, AMO Home, and Sky Eden @ Bedok in the previous quarter, a sharp 2.6% drop in rates is forecasted to be observed in the OCR– as contrasted to the 7.5% development in the previous quarter– as a result of an absence of new significant condo launches.

“However, the costs for private properties in the resale segment are not likely to dip any time soon due to restricted supply as well as proprietors being unlikely to decrease their rates in the short-term. With the 15-month delay out-period in position, we might see less listings in the coming quarter as owners alter their placements,” said Dr. Lee Nai Jia.

For the entire of 2022, personal house costs in CCR, RCR, and also OCR are expected to rise 4.6%, 9.2% and 9.3% respectively.

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