Press Releases
Release of 4th Quarter 2023 real estate statistics
26 January 2024
• Overall private housing prices increased by 2.8% in 4th Quarter 2023, mainly driven by sales transactions at selected newly-launched projects. For 2023 as a whole, the private residential price index increased at a slower pace of 6.8%, compared to the increase of 8.6% and 10.6% in 2022 and 2021 respectively. This was the second consecutive year of moderation in price momentum.
• Sale transaction volume for private residential properties decreased by 17% on a quarter-on-quarter basis in 4th Quarter 2023. The total transaction volume in 2023 fell by 13% compared to 2022, and was at its lowest level in seven years, since 2016.
• Private residential property rentals declined for the first time in over three years, by 2.1% in 4th Quarter 2023. For 2023 as a whole, private residential property rentals increased by 8.7%, a significant moderation from the 29.7% increase in 2022.
• About 4,100 private residential units (including ECs) were completed in 4th Quarter 2023. For the whole of 2023, a total of about 21,300 private residential units were completed, more than twice the number of completions in 2022. This was also the highest annual supply completion since 2016.
• The Government has ramped up housing supply via the Government Land Sales (GLS) programme. The Confirmed List supply of private housing in the GLS Programme has been increased significantly by around 50% to 9,250 units in 2023, from 6,290 units in 2022. In 1H2024, the GLS supply injection will be increased further, with the release of 5,450 units compared to 5,160 units in 2H2023 and 4,090 units in 1H2023. This is the highest supply on the Confirmed List in a single GLS Programme since the 2H2013 GLS Programme. These private residential units 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.
• Global economic activity is expected to ease further into 2024, with domestic mortgage rates at elevated levels. Households should continue to exercise prudence when taking on new financial commitments including long-term mortgage debt servicing obligations.
The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 2023.
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance:
Prices and Rentals
Prices of private residential properties increased by 2.8% in 4th Quarter 2023, compared with the 0.8% increase in the previous quarter. For the whole of 2023, prices of private residential properties increased by 6.8%, moderating from the 8.6% increase in 2022.
Property Price Index of private residential properties
Prices of landed properties increased by 4.6% in 4th Quarter 2023, following the 3.6% decrease in the previous quarter. Prices of non-landed properties increased by 2.3% in 4th Quarter 2023, compared with the 2.2% increase in the previous quarter. For the whole of 2023, prices of landed properties rose by 8.0% while those of non-landed properties rose by 6.6%, moderating from the respective increases of 9.6% and 8.1% in 2022.
Prices of non-landed properties in Core Central Region (CCR) increased by 3.9% in 4th Quarter 2023, following the 2.7% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) decreased by 0.8% in 4th Quarter 2023, compared with the 2.1% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 4.5%, compared with the 5.5% increase in the previous quarter. For the whole of 2023, prices of non-landed properties in CCR, RCR and OCR increased by 1.9%, 3.1% and 13.7% respectively (see Annexes A-1a [PDF, 7 KB] (opens in new tab), A-1b [PDF, 8 KB] (opens in new tab), A-2 [PDF, 9 KB] (opens in new tab)& A-6 [PDF, 16 KB] (opens in new tab)1).
Rentals of private residential properties decreased by 2.1% in 4th Quarter 2023, compared to the 0.8% increase in the previous quarter. For the whole of 2023, rentals of private residential properties increased by 8.7%, a significant moderation from the 29.7% increase in 2022.
Rental Index of private residential properties
Rentals of non-landed properties decreased by 1.8%, a reversal from the 0.2% increase in the previous quarter. Rentals of landed properties decreased by 4.1% in 4th Quarter 2023, compared with the 4.4% increase in the previous quarter. For the whole of 2023, rentals of landed properties increased by 22.4% while rentals of non-landed properties increased by 6.9%.
Rental momentum eased across all market segments. Rentals of non-landed properties in CCR decreased by 1.6% in 4th Quarter 2023, compared with the 1.7% decrease in the previous quarter. Rentals in RCR decreased by 1.2%, compared with the 1.9% increase in the previous quarter. Rentals in OCR decreased by 2.8%, compared with the 1.3% increase in the previous quarter. For the whole of 2023, rentals of non-landed properties in CCR, RCR and OCR increased by 5.0%, 9.0% and 7.5% respectively. This was a significant moderation from the respective increases of 28.2%, 30.3% and 31.8% in 2022 (see Annexes A-3a [PDF, 8 KB] (opens in new tab), A-3b [PDF, 8 KB] (opens in new tab)& A-4 [PDF, 10 KB] (opens in new tab)).
Launches and Take-up
Developers launched 1,060 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2023, compared with the 2,805 units in the previous quarter. For the whole of 2023, developers launched 7,551 uncompleted private residential properties for sale, compared with the 4,528 units in the previous year (see Annex C-1 [PDF, 9 KB] (opens in new tab)).
Developers sold 1,092 private residential units (excluding ECs) in 4th Quarter 2023, compared with the 1,946 units sold in the previous quarter. For the whole of 2023, developers sold 6,421 private residential units, compared with the 7,099 units in the previous year (see Annex D [PDF, 76 KB] (opens in new tab)).
Number of private housing units launched and sold by developers (excluding ECs)
Developers did not launch any EC units for sale in 4th Quarter 2023 and sold 54 EC units in the quarter (see Annex F [PDF, 69 KB] (opens in new tab)). In comparison, developers launched 360 EC units for sale and sold 420 EC units in the previous quarter. For the whole of 2023, developers launched 360 EC units for sale and sold 737 EC units, compared with the 1,873 units launched and 1,479 units sold in 2022.
Resales and Sub-sales
There were 2,831 resale transactions in 4th Quarter 2023, compared with the 2,900 units transacted in the previous quarter. Resale transactions accounted for 65.3% of all sale transactions in 4th Quarter 2023, compared with 55.8% in the previous quarter (see Annex D [PDF, 76 KB] (opens in new tab)). For the whole of 2023, there were 11,329 resale transactions, compared with the 14,026 resale transactions in 2022.
There were 411 sub-sale transactions in 4th Quarter 2023 compared with the 355 units transacted in the previous quarter. Sub-sales accounted for 9.5% of all sale transactions in 4th Quarter 2023 compared with 6.8% in the previous quarter (see Annex D [PDF, 76 KB] (opens in new tab)). For the whole of 2023, there were 1,294 sub-sale transactions, compared with the 765 sub-sale transactions in 2022.
Number of resale and sub-sale transactions for private residential units (excluding ECs)
Supply Completions
A total of 4,085 private residential units (including ECs) were completed in 4th Quarter 2023. This brings the total completions in 2023 to 21,284 units, more than twice the number of completions in 2022 and the highest annual completions since 2016. Projects completed in the quarter include Parc Clematis (1,468 units), Sengkang Grand Residences (680 units) and Leedon Green (638 units) (see Annexes E-4 [PDF, 8 KB] (opens in new tab)& E-5 [PDF, 42 KB] (opens in new tab)).
Supply in the Pipeline
As at the end of 4th Quarter 2023, there was a total supply of 34,251 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, of which 16,929 units remained unsold (see Annexes E-1 [PDF, 81 KB] (opens in new tab), E-2 [PDF, 67 KB] (opens in new tab)2, B-1 [PDF, 7 KB] (opens in new tab) & B-2 [PDF, 10 KB] (opens in new tab)). After adding the supply of 4,902 EC units in the pipeline, there were 39,153 units (including ECs) in the pipeline with planning approvals, of which 17,729 units remained unsold, compared to 16,961 units a year ago (see Annex E-3 [PDF, 29 KB] (opens in new tab)).
Total number of unsold private residential units and ECs in the pipeline
Based on the expected completion dates reported by developers, 11,793 units (including ECs) will be completed in 2024. Another 6,747 units (including ECs) are expected to be completed in 2025. In total, about 18,500 units (including ECs) are expected to be completed between 2024 and 20253. Together with the 21,284 units completed in 2023, this forms part of the total supply of close to 100,000 public and private housing units to be completed between 2023 and 2025, which will help to cater to housing needs in the immediate few years ahead.
Pipeline supply of private residential units and ECs by expected year of completion
Adding the supply of unsold units (including ECs) in the supply pipeline with planning approval, and those that have not been granted planning approval yet, around 34,380 units (including ECs) could be made available for sale later this year or next year. This includes the supply of about 5,450 private housing units on the Confirmed List of the GLS Programme in 1H2024, which is the highest supply on the Confirmed List in a single GLS Programme since 2H2013. The Government will continue to calibrate housing supply to cater to demand so as to promote a stable and sustainable property market.
Stock and Vacancy
The stock of completed private residential units (excluding ECs) increased by 3,925 units in 4th Quarter 2023, compared with the increase of 8,374 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 4,926 units in 4th Quarter 2023, compared with the decrease of 915 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 8.1% as at end of 4th Quarter 2023, from 8.4% in the previous quarter (see Annex E-1 [PDF, 81 KB] (opens in new tab)).
Stock and vacancy of private residential units (excluding ECs)
Vacancy rates of completed private residential properties as at the end of 4th Quarter 2023 in CCR, RCR and OCR were 9.8%, 8.1% and 7.4% respectively, compared with the 10.0%, 9.3% and 7.3% in the previous quarter (see Annex E-6 [PDF, 9 KB] (opens in new tab)).
OFFICE SPACE Office market at a glance:
Prices and Rentals
Prices of office space decreased by 5.9% in 4th Quarter 2023, compared with the 0.8% increase in the previous quarter (see Annex A-1a [PDF, 7 KB] (opens in new tab) & A-1b [PDF, 8 KB] (opens in new tab)). Rentals of office space increased by 0.3% in 4th Quarter 2023, compared with the 4.9% increase in the previous quarter. For the whole of 2023, prices of office space decreased by 4.2%, compared with the decrease of 0.1% in 2022, while rentals of office space increased by 13.1%, compared with the increase of 11.7% in 2022 (see Annexes A-3a [PDF, 8 KB] (opens in new tab), A-3b [PDF, 8 KB] (opens in new tab) & A-5 [PDF, 73 KB] (opens in new tab)).
Property Price Index of office space in Central Region
Rental Index of office space in Central Region
Supply in the Pipeline
As at the end of 4th Quarter 2023, there was a total supply of about 1,126,000 sq m GFA of office space in the pipeline, compared with the 1,077,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 [PDF, 81 KB] (opens in new tab) & E-2 [PDF, 67 KB] (opens in new tab)).
Pipeline supply of office space
Stock and Vacancy
The amount of occupied office space increased by 9,000 sq m (nett) in 4th Quarter 2023, compared with the increase of 23,000 sq m (nett) in the previous quarter. The stock of office space increased by 2,000 sq m (nett) in 4th Quarter 2023, compared with the decrease of 42,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 9.9% as at end of 4th Quarter 2023, from 10.0% as at end of the previous quarter (see Annexes A-5 [PDF, 73 KB] (opens in new tab)& E-1 [PDF, 81 KB] (opens in new tab)).
Stock and vacancy of office space
RETAIL SPACE
Retail market at a glance:
Prices and Rentals
Prices of retail space increased by 1.2% in 4th Quarter 2023, compared with the 0.6% increase in the previous quarter (see Annex A-1a [PDF, 7 KB] (opens in new tab) & A-1b [PDF, 8 KB] (opens in new tab)). Rentals of retail space decreased by 0.1% in 4th Quarter 2023, compared with the 0.5% increase in the previous quarter. For the whole of 2023, prices of retail space increased by 1.2%, compared with the decrease of 7.8% in 2022, while rentals of retail space increased by 0.4%, compared with the decrease of 2.4% in 2022 (see Annexes A-3a [PDF, 8 KB] (opens in new tab), A-3b [PDF, 8 KB] (opens in new tab)& A-5 [PDF, 73 KB] (opens in new tab)).
Property Price Index of retail space in Central Region
Rental Index of retail space in Central Region
Supply in the Pipeline
As at the end of 4th Quarter 2023, there was a total supply of about 621,000 sq m GFA of retail space from projects in the pipeline, compared with the 600,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 [PDF, 81 KB] (opens in new tab) & E-2 [PDF, 67 KB] (opens in new tab)).
Pipeline supply of retail space
Stock and Vacancy
The amount of occupied retail space increased by 63,000 sq m (nett) in 4th Quarter 2023, compared with the decrease of 8,000 sq m (nett) in the previous quarter. The stock of retail space increased by 21,000 sq m (nett) in 4th Quarter 2023, compared with the decrease of 23,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 6.5% as at end of 4th Quarter 2023, from 7.2% as at end of the previous quarter (see Annexes A-5 [PDF, 73 KB] (opens in new tab)& E-1 [PDF, 81 KB] (opens in new tab)).
Stock and vacancy of retail space
URA’S REAL ESTATE INFORMATION SERVICE
More detailed information on the price and rental indices, supply in the pipeline, stock and vacancy rates of the various property sectors can be found in the Real Estate Information System (REALIS), an online database of URA.
More information on REALIS can be found at https://eservice.ura.gov.sg/reis/index (opens in new tab).
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1 | The prices of private residential properties are not uniform and vary from project to project. Home-buyers can view more detailed information on transactions of private residential properties at: Similar information can also be accessed by users on the go via URA’s iphone/ipad application. The application can be downloaded directly from https://itunes.apple.com/app/property-market-information/id573494340?mt=8 (opens in new tab). |
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2 | More detailed data on supply in the pipeline by market segment, development status and expected year of completion can be found at |
3 | In addition, there is a potential supply of around 16,650 units (including ECs) from Government Land Sales (GLS) sites and awarded en-bloc sale sites that have not been granted planning approval yet, of which a significant proportion could be completed from around 2027 onwards. All in all, there are a total of about 55,800 private housing units in the supply pipeline to cater to the housing needs of the population in the next few years. |
SUMMARY OF KEY INFORMATION FOR 4TH QUARTER 2023
Table caption
Annex | Title |
|---|---|
| Comparison of Property Price Index for 3rd Quarter 2023 and 4th Quarter 2023 |
| Comparison of Property Price Index for 2022 and 2023 |
| Price Indices of Non-Landed Properties by Market Segment |
| Comparison of Rental Index for 3rd Quarter 2023 and 4th Quarter 2023 |
| Comparison of Rental Index for 2022 and 2023 |
| Rental Indices of Non-Landed Properties by Market Segment |
| Median Rentals and Vacancy of Office and Retail Space |
| Chart of Property Price Index by Type of Property |
| Chart of Residential Property Price Index by Type |
| Number of Unsold Private Residential Units from Projects with Planning Approvals |
| Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment |
| Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment |
| Number of Private Residential Units Sold in the Quarter by Market Segment |
| Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment |
| Stock & Vacancy and Supply in the Pipeline as at End of 4th Quarter 2023 |
| Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2023 |
| Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 4th Quarter 2023 |
| Number of Private Residential Units and Executive Condominiums Completed in the Quarter |
| Private Residential and Executive Condominium Projects Completed in 2023 |
| Vacancy of Private Residential Units by Market Segment |
| Number of Executive Condominium Units Launched and Sold in the Quarter |