{"id":3151,"date":"2024-01-03T21:18:00","date_gmt":"2024-01-03T13:18:00","guid":{"rendered":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/?p=3151"},"modified":"2024-01-10T21:25:52","modified_gmt":"2024-01-10T13:25:52","slug":"private-home-prices-up-6-7-in-2023-grow-at-slower-pace-from-2022","status":"publish","type":"post","link":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/private-home-prices-up-6-7-in-2023-grow-at-slower-pace-from-2022\/","title":{"rendered":"Private home prices up 6.7% in 2023, grow at slower pace from 2022"},"content":{"rendered":"\n

Private home prices in Singapore continued to show a moderation in growth, increasing by 6.7% in 2023, compared to a growth rate of 8.6% in 2022. The property market experienced a slowdown in transaction volumes, with the number of units sold in 2023 decreasing by approximately 15% from the previous year. Despite the moderation, suburban non-landed properties led the market, experiencing a substantial growth of 13.8%.<\/p>\n\n\n\n

Key Highlights:<\/strong><\/p>\n\n\n\n

    \n
  1. Overall Growth in 2023:<\/strong> Private home prices in Singapore grew by 6.7% in 2023, representing a second consecutive year of moderated growth. The slowdown is attributed to various factors, including cooling measures, softer economic conditions, and higher mortgage rates.<\/li>\n\n\n\n
  2. Suburban Market Dominance:<\/strong> The suburban non-landed property market, particularly outside the central regions, witnessed robust growth, leading the overall market with a 13.8% increase. In contrast, prime and city fringe markets showed more modest growth rates of 2.1% and 2.7%, respectively.<\/li>\n\n\n\n
  3. Q4 2023 Performance:<\/strong> In the fourth quarter of 2023, private residential property prices rose by 2.7%, following a 0.8% gain in the third quarter. The growth was fueled by new benchmark prices set at major launches, contributing to increases in suburban and prime district prices.<\/li>\n\n\n\n
  4. Market Dynamics:<\/strong> The market experienced a decline in transaction volumes, with the number of units sold falling by 15% in 2023. The overall sales volume in the fourth quarter was down by 27% compared to the previous quarter.<\/li>\n\n\n\n
  5. Driving Factors:<\/strong> Pent-up local demand, reduced supply from 2020 to 2022, and slower economic conditions helped propel private home prices in 2023. However, higher interest rates and cooling measures posed challenges to the market.<\/li>\n\n\n\n
  6. Outlook for 2024:<\/strong> Analysts expect the overall price growth to further slow in 2024 as price resistance increases and more new homes enter the market. The impact of cooling measures and the dynamics of supply and demand will continue to influence the property market.<\/li>\n\n\n\n
  7. Landed Property Performance:<\/strong> Landed property prices gained 4.5% in the fourth quarter, reversing a 3.6% decline in the previous quarter. For the entire year, non-landed property prices increased by 6.5%, moderating from an 8.1% rise in 2022.<\/li>\n\n\n\n
  8. Foreign Buyer Trends:<\/strong> Foreign buyers, particularly from the US, surpassed Chinese buyers in the second half of 2023. The number of private homes purchased by foreigners, especially Chinese buyers, saw a significant decline.<\/li>\n\n\n\n
  9. Developer Strategies:<\/strong> With subdued home sales in 2023 and a higher number of new launches expected in 2024, developers are anticipated to price units more sensitively. Cooling measures are likely to keep investors and foreign buyers cautious.<\/li>\n<\/ol>\n\n\n\n

    The property market’s performance in 2023 reflects a more measured growth trajectory, with the focus shifting to affordability and market dynamics. Analysts anticipate continued adjustments in pricing and demand in 2024, influenced by economic conditions and government measures.<\/p>\n\n\n\n

    The Straits Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Private home prices in Singapore continued to show a moderation in growth, increasing by 6.7% in 2023, compared to a growth rate of 8.6% in 2022. The property market experienced a slowdown in transaction volumes, with the number of units sold in 2023 decreasing by approximately 15% from the previous year. Despite the moderation, suburban […]<\/p>\n","protected":false},"author":1,"featured_media":3152,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-3151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-property-news"],"_links":{"self":[{"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/posts\/3151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/comments?post=3151"}],"version-history":[{"count":1,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/posts\/3151\/revisions"}],"predecessor-version":[{"id":3153,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/posts\/3151\/revisions\/3153"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/media\/3152"}],"wp:attachment":[{"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/media?parent=3151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/categories?post=3151"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thejalantembusu.sg\/emeraldofkatong\/wp-json\/wp\/v2\/tags?post=3151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}