2024-01-10-莱坊-Singapore_Residential_Market_Update_Q4_2023_2页_626kb

Singapore Property Market Summary (Q4 2023 & 2024 Outlook)

Key Growth and Sales Trends

• Private residential prices recorded a 15.0% annual increase, the highest since 2010, easing to 4.6% q-o-q growth in Q4, supported by new supply and growth narratives.
• New sales declined significantly in Q4 2023, particularly in non-landed properties: total sales fell 12.8% q-o-q to 1,959 units.
• OCR market saw a 9.0% Q4 sales drop, while core central region sales decreased due to muted sentiment.
• Non-landed property prices rose 6.5% in 2023 (2.1% q-o-q), rebounding after negative growth in earlier quarters.

Rental Market Analysis

• Non-landed property rentals increased 2.7% in 2023, moderating from prior highs. Ultra luxury segments experienced an 8% decline.
• Overall leasing demand decreased by 26.7% q-o-q in 2023, attributed to lower transactions and elevated financing costs.

Supply, Demand, and 2024 Projections

• Supply is expected to balance the market in 2024, with conservative demand ranging between 7,000-9,000 new home sales.
• Non-landed prices may see flat growth (-1% to 2%) in 2024, while prime areas could decline slightly.
• New projects and GLS launches may add around 10,000 units in 2024, potentially leading to subdued price growth.

Market Outlook

Projected market softening due to cooling measures and interest rate increases, but resilience in growth narratives. Rentals for non-landed properties may decline by 5-7%.