Source: The Straits Times —
SINGAPORE – The growth in private home prices cooled to 0.2 per cent in the fourth quarter of 2022, as sales dropped sharply in the face of growing economic headwinds, two rounds of property curbs, and the absence of major new launches.
The 0.2 per cent price rise is the slowest quarterly growth since the first quarter of 2020, when prices shed 1 per cent. This compared with 3.8 per cent growth in the third quarter and a 3.5 per cent rise in the second quarter, according to data from the Urban Redevelopment Authority (URA) on Tuesday.
For the whole of 2022, private home prices grew 8.4 per cent, slowing from 2021’s 10.6 per cent rise.
The number of private homes sold plunged 49 per cent in the fourth quarter from the third quarter, and by about 60 per cent year on year. For the whole of 2022, sales fell by about 36 per cent compared with 2021.
In 2022, the landed market grew by 9.5 per cent, outperforming the non-landed market, which grew by 8 per cent.
In the fourth quarter alone, landed prices rose 0.5 per cent from the previous three months, after climbing 1.6 per cent in the third quarter.
Non-landed prices gained just 0.1 per cent after rising 4.4 per cent in the previous quarter, as prices for suburban homes fell 2.6 per cent following a 7.5 per cent increase in the previous quarter.
