The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 1st Quarter 2023 today. Overall, the private residential property index increased by 6.0 points from 188.6 points in 4th Quarter 2022 to 194.6 points in 1st Quarter 2023. This represents an increase of 3.2%, compared to the 0.4% increase in the previous quarter (see Annex A [PDF, 28kb] and Annex B [PDF, 92kb]). Sale transaction volume fell by about 8% on a quarter-on-quarter basis and by about 38% on a year-on-year basis in 1st Quarter 20231. Prices of non-landed private residential properties in the Core Central Region (CCR) increased by 1.0%, compared to the 0.7% increase in the previous quarter. Prices in the Rest of Central Region (RCR) increased by 4.0%, compared to the 3.1% increase in the previous quarter. Prices in the Outside Central Region (OCR) increased by 1.9%, compared to the 2.6% decrease in the previous quarter (see Annex C [PDF, 110kb]). The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-March. The statistics will be updated on 28 April 2023 when URA releases its full set of real estate statistics for 1st Quarter 2023. Past data have shown that the difference between the quarterly prices changes indicated by the flash estimate and the actual changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.
1 Sale transaction volume (up to mid-March) totalled 3,309 in 1st Quarter 2023, compared to 3,588 in 4th Quarter 2022 and 5,343 in 1st Quarter 2022.