- Private residential property index increased by 3.2% in 1st Quarter of 2023
- Core Central Region prices rose by 1.0%
- Sale transaction volume fell in 1st Quarter of 2023
In the first quarter of 2023, Singapore’s home prices were like mountains, slowly rising.
The Urban Redevelopment Authority (URA) shared an estimate about the Private Residential Property Price Index, and we will talk about it today.
A Growing Price Index
The private residential property index climbed by 6.0 points, from 188.6 in the 4th Quarter of 2022 to 194.6 in the 1st Quarter of 2023.
This was like a small bird taking off, a 3.2% increase compared to the tiny 0.4% increase in the previous quarter.
Different Regions, Different Stories
In the Core Central Region (CCR), home (non-landed private residential property) prices grew by 1.0%, like a young tree growing taller.
In the Rest of the Central Region (RCR), prices increased by 4.0%, almost like a race car speeding up.
But in the Outside Central Region (OCR), prices increased by 1.9% after a 2.6% drop in the previous quarter, as if the wind had changed direction.
What About Sales?
In the 1st Quarter of 2023, sales went down like a deflating balloon.
It fell about 8% from the 4th Quarter of 2022 and about 38% from the 1st Quarter of 2022.
Actionable and Practical Takeaways
- Keep an eye on the Private Residential Property Price Index for future changes
- Research the different regions in Singapore for potential investments
- Stay updated on the real estate market to make informed decisions
So, what does all this mean?
The flash estimate of Private Residential Property Price Index tells us that home prices in Singapore are rising.
But sales are falling.
It is important to remember that these numbers are just a sneak peek, like peering through the curtains before the show starts.
The URA will share more on April 28, 2023. Until then, let us watch and see what happens.
What are your thoughts on these changes in Singapore’s residential property prices?
