• 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, A-1b, A-2 & A-61). 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, A-3b & A-4). 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). 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). 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). 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). 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). 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 & E-5). 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, E-22, B-1 & B-2). 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). 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). 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). 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 & A-1b). 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, A-3b & A-5). 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 & E-2). 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 & E-1). 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 & A-1b). 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, A-3b & A-5). 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 & E-2). 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 & E-1). 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://www.ura.gov.sg/realis.
SUMMARY OF KEY INFORMATION FOR 4TH QUARTER 2023
Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 4th Quarter 2023