Singaporeans love buying property. Indeed, Singapore property prices have gone up a lot in the past two years. Singapore Residential Property Price Index increased by 10.6% in 2021 and another 8.4% in 2022. The price raised so fast that it definitely caught the eye of the Singapore government. Another round of property curbs was swiftly announced in Sep 2021. At the same time, property tax will be raised for 2023 and 2024, which adds an additional burden for property investors. What is in everybody’s mind now is that:

• Will Singapore property prices continue going up in 2023?
• What is the implication of the property market for people who bought it for retirement?

In this article, I will dive deeper into this topic. Why did property prices go up so fast? First of all, we need to understand why property prices go up so fast. Since Covid broke out almost 3 years ago, there are two main drivers for the property market....