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Private housing market shows signs of moderation with decline in 2Q2023 private residential property price index flash estimate

• Overall private housing prices declined in 2nd Quarter 2023 for the first time since 1st Quarter 2020 as price momentum eased across all market segments.

• Prices of non-landed properties declined marginally in the quarter, while prices of landed properties saw its smallest gain in two years.

• Decline in prices of non-landed properties was mainly driven by properties in the Rest of Central Region (RCR) where prices fell by 2.6% in 2nd Quarter 2023.

  Published: 03 July 2023

The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential property for 2nd Quarter 2023 today.

Overall, the flash estimate of the private residential property index declined on a quarter-on-quarter basis by 0.4% in 2nd Quarter 2023, following a 3.3% gain in 1st Quarter 2023 (see Annex A [PDF, 95kb] and Annex B [PDF, 180kb]). While sale transaction volume increased in 2nd Quarter 2023 by about 16% on a quarter-on-quarter basis amidst a rise in the number of units launched for sale, it decreased by about 30% on a year-on-year basis1.

Prices of non-landed properties decreased by 0.5% in 2nd Quarter 2023, a reversal from the 2.6% increase in the previous quarter. Prices of landed properties increased marginally by 0.1% in 2nd Quarter 2023, significantly moderating from the 5.9% increase in the previous quarter.

The increase in the prices of non-landed private residential properties in the Core Central Region (CCR) moderated to 0.3%, from the 0.8% increase in the previous quarter. Prices of non-landed private residential properties in the Rest of Central Region (RCR) declined by 2.6%, from a 4.4% increase in the previous quarter. The increase in prices in the Outside Central Region (OCR) similarly moderated to 1.2%, from a 1.9% increase in the previous quarter (see Annex C [PDF, 215kb]).

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-June. The statistics will be updated on 28 July 2023 when URA releases its full set of real estate statistics for 2nd Quarter 2023. Past data have shown that the difference between the quarterly price 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-June) totalled 4,762 in 2nd Quarter 2023, compared to 4,121 in 1st Quarter 2023 and 6,811 in 2nd Quarter 2022.