2023-07-12-莱坊-Singapore_Residential_Market_Update_Q2_2023_2页_628kb

Overview of Singapore Non-Landed Residential Property Market in Q2 2023

The report analyzes the Singapore property market for Q2 2023, highlighting key trends, segment performance, and future outlook. Cooling measures and rising interest rates limited affordability, moderating price growth.

Sales Performance

Outside Central Region (OCR) experienced a quiet quarter with declining sales due to no new launches, but prices showed moderate increases. Core Central Region (CCR) was the best performer in Q2 2023, driven by higher transaction volumes for new properties. Rest of Central Region (RCR) saw significant growth in primary sales.

Price Indices

Non-landed private home prices excluding Executive Condominiums increased modestly in OCR and overall in the first half of 2023, despite cooling measures. The URA flash estimates indicated a 3% to 5% price growth for the year, influenced by recycled capital from previous generations.

Rental Market

Rental increases across most segments slowed in Q2 2023, easing from higher rates in Q1. Ultra-luxury rents dropped notably, while demand for new launches remained strong due to affordability challenges.

Market Outlook

Prices are expected to grow more subduedly for the remainder of 2023. Residential investors may adopt a wait-and-see attitude due to economic uncertainties, with high demand anticipated for new developments despite longer waiting periods. Forecasts suggest a potential technical recession impact but continued popularity of new homes.