SINGAPORE: Private home prices inched up by 0.8 per cent in the third quarter of 2023, following a 0.2 per cent decline in the previous quarter, data released by the Urban Redevelopment Authority (URA) showed on Friday (Oct 27).
The authority noted that the average quarterly price increase – around 0.3 per cent – over the past two quarters was “significantly lower” than the average quarterly increase of 2.1 per cent in the whole of 2022.
Landed property prices fell by 3.6 per cent, reversing the 1.1 per cent increase in the previous quarter.
For non-landed properties, prices rose by 2.2 per cent, compared with the 0.6 per cent decline in the second quarter.
Prices for non-landed properties in the core central region (CCR) declined by 2.7 per cent, following the 0.1 per cent dip in the previous quarter. In the rest of central region (RCR), prices went up by 2.1 per cent, compared with the previous 2.5 per cent decrease.
Prices of non-landed properties outside of the central region (OCR) picked up pace, going up by 5.5 per cent following a 1.2 per cent increase.
Ms Christine Sun, OrangeTee & Tie’s senior vice president of research and analytics, said that although private home prices rebounded, this is the second straight quarter that price gains were less than 1 per cent. This is lower than the past three years’ quarterly average price growth of 2.1 per cent from the third quarter of 2020 to the second quarter of 2023.
“Year to date, prices edged up 3.9 per cent in the first nine months of this year, a smaller increment compared to the same periods in 2022 at 8.2 per cent and 2021 at 5.3 per cent,” she added.
According to Mr Lee Sze Teck, senior director of data analytics at Huttons Asia, the three best-selling projects in the third quarter of 2023 are Grand Dunman, Lentor Hills Residences and The Myst.
“Grand Dunman generated a lot of buzz and attracted about 10,000 people on the first weekend of preview,” he said, noting that with 580 units sold in the quarter, Grand Dunman became the best-selling project in more than two years.
Lentor Hills Residences also recorded strong sales, moving almost 400 units, while the Myst – located in Upper Bukit Timah – sold more than 150 units.
The sale transaction volume totalled 5,201 in the third quarter of 2023, compared to 5,388 in the previous quarter and 6,148 in the third quarter of 2022.
RENT PRICES MODERATED
Private home rentals rose at a slower pace of 0.8 per cent in the third quarter of 2023, compared with the 2.8 per cent increase in the previous quarter.
This was the smallest quarter-on-quarter gain since the last quarter of 2020.
The increase in the rentals of non-landed properties slowed to 0.2 per cent, from 2.3 per cent.
Rentals of landed properties went up by 4.4. per cent in the third quarter of 2023, moderating from the previous 6.7 per cent increase.