Private housing prices down 0.2% q-o-q in 2Q2023, first decline since 1Q2020

Private residential prices in Singapore experienced a slight decline of 0.2% quarter-on-quarter in the second quarter of 2023, reversing the 3.3% growth seen in the previous quarter. This marks the first decline since the first quarter of 2020, when prices dipped by 1% due to the Covid-19 pandemic. The decline is attributed to three rounds of cooling measures and a high-interest rate environment. The fall was led by slower performance across both non-landed and landed properties, with prices falling by 0.6% for non-landed properties and rising by only 1.1% for landed properties in Q2 compared to previous quarters. The Rest of Central Region (RCR) saw the biggest fall, with prices declining by 2.5%, while Core Central Region (CCR) saw a dip of only 0.1%. In contrast, the Outside Central Region (OCR) experienced price growth of 1.2%. Transaction volumes decreased across all segments. On another note, private residential rents continued to grow but at a slower pace in Q2, rising by only 2.8%, compared to a growth rate of 7.2% in Q1. Increased launch activity is expected to boost new home sales in upcoming months, and it is predicted that full-year price growth will be between 4%-6%.

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