The volume of transactions fell by about 27 per cent on a quarter-on-quarter basis in the fourth quarter.
For the whole of 2023, sale transaction volume fell by about 15 per cent compared with 2022.
“This was the lowest annual sale transaction volume since 2016,” said URA.
OUTLOOK FOR 2024
In 2024, there may be up to 38 launches with an estimated 11,590 units, including an executive condominium project, according to Mr Lee.
There could potentially be up to 12 launches in the first quarter alone, with Ardor Residence, Hillhaven, Lentoria, The Arcady at Boon Keng and The Hillshore slated for launch before the Chinese New Year.
The property market is expected to remain stable due to the continued interest from investors and local homebuyers, said Ms Sun.
“In 2023, the increased supply of completed condos has already helped to stabilise prices substantially, and we anticipate this trend to continue in 2024,” she added.
“The property market is also expected to benefit from an improving economy and better job prospects, which will help spur demand for properties.”
Analysts estimate that price growth may continue to moderate, rising by around 3 to 6 per cent for the whole of 2024.
URA noted that the government has ramped up housing supply via the government land sales (GLS) programme.
“The increased private housing supply from the GLS programme will be ready for sales launch in the coming year or so, to cater to purchase demand and help keep prices in line with economic fundamentals,” it added.