Q3 2023: Private Property Prices Barely Move, Rental Growth Slows!

Q3 2023 Private Property Prices Barely Move, Rental Growth Slows
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  1. Private residential property prices see a mild increase of 0.8% in Q3 2023.
  2. Rental growth shows a retreat, with just a 0.8% increase compared to the strong 2.8% growth in Q2.
  3. Developers launched a total of 2,805 uncompleted private residential units for sale, which is an increase from Q2’s 2,374 units.

The URA reports that the Singaporean housing landscape shows mixed patterns.

After the somewhat quiet second quarter, it’s the calm after the storm for real estate prices whereas rentals have seen a slowdown in this third quarter.

An Examination of URA’s Statistics

Private property prices increased slightly in Q3 2023.

On the other hand, landed property prices dipped 3.6%.

Rather intriguingly, non-landed property prices found their way up with a 2.2% increase.

Market Trends

Prices in the Core Central Region dropped by 2.7%, whilst the Outside Central Region enjoyed a 5.5% rise.

Rentals for private residential properties increased, but at a slower pace of 0.8%.

The increase in rentals of non-landed properties also decelerated to 0.2%.

Regional Divergence

In the Rest of Central Region, prices saw a 2.1% increase, contrasting with a 2.5% decrease in the previous quarter.

This shows us the fickleness of real estate prices in the city and the fringes.

The heated pristine non-landed properties in the Core Central Region cooled off, reflected in the price decline of 2.7%.

Building Momentum: Developers’ Market Strategies

Developers stepped up their game launching 2,805 uncompleted private residential units for sale.

That’s a substantial increase from the 2,374 units in Q2.

Their Sales, however, declined slightly by 8.5%.

Future Housing Projections

A whopping 9,013 private residential units including Executive Condominiums (ECs) were completed in Q3.

The largest amount since 2016.

A total of 36,949 units are sitting in the pipeline, awaiting completion.

The Layman’s Takeaway

Our city’s housing landscape is a patchwork quilt, with difference patches showing different trends.

Housing prices rose in some areas, dipped in others, and rentals growth took a breather.

Developers increased their product offerings, though sales experienced a small hump in the road.

The city’s mixed performance in Q3 2023 tells us that the property market moves in cycles.

Trends fluctuate quarter by quarter, and understanding these fluctuations can prepare us for future market changes.

“How will this influence our housing decisions for the rest of the year?” you may wonder.

We leave you to consider this, while we prepare to report on what’s coming next in Q4.

Only time will reveal the trajectory of our property market.

From landed to non-landed properties, from private residential units to commercial spaces, all eyes will be on the last quarter.

Watch this space, folks!

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