Things are finally starting to calm down in Singapore’s private property market, with 2023 seeing the tail-end of the post-pandemic supply crunch. But for many buyers, complaints of high prices are still prevalent: private home prices may be flattening out, but many upgraders still struggle to afford true, family-sized units; and in every market segment, the threat of ever-rising interest rates is looming.
Here’s a look at how things worked out this year:
Transaction volumes for private non-landed homes
Volume for all non-landed homes excluding EC
Volume by type of sale (non-landed homes excluding EC)
| Type of Sale |
2022 |
2023 |
Change |
| New Sale |
6,818 |
6,174 |
-9.4% |
| Resale |
12,126 |
9,529 |
-21.4% |
| Sub Sale |
699 |
1,111 |
+58.9% |
| Total |
19,643 |
16,814 |
-14.4% |
Volume by market segment (non-landed homes excluding EC)
| Market Segment |
2022 |
2023 |
% Change |
| Core Central Region |
4,039 |
3191 |
-21.0% |
| Outside Central Region |
9,089 |
7286 |
-19.8% |
| Rest of Central Region |
6,515 |
6337 |
-2.7% |
| Total |
19,643 |
16814 |
-14.4% |
Overall, transaction volumes were down by 14.4 per cent from a year ago. The RCR saw the healthiest volumes for the year, barely down 22.7 per cent from 2022,...
