By Fabiana Negrin Ochoa
Property prices in Singapore’s financial hub experienced a larger-than-expected increase in the third quarter, rebounding from a decline in the previous quarter but still indicating a degree of moderation.
However, the URA cautioned that the average price increase over the past two quarters has been noticeably lower than that of the entirety of 2022. This observation aligns with their earlier flash estimates.
Despite rents having remained consistently high in Singapore, there are indications of cooling.
The URA reported that rent increases have moderated for a fourth consecutive quarter. Private residential property rentals saw a slower growth rate of 0.8% in the third quarter, marking the smallest sequential gain since the final quarter of 2020. This moderation was observed across different market segments, driven by record supply completions.
Tan Tee Khoon, country manager for Singapore at real-estate firm PropertyGuru, commented on the situation, stating, “The steady price growth moderation suggests the market has peaked. As such, private property prices could possibly fluctuate between slight increases and decreases in the coming quarters.”
Write to Fabiana Negrin Ochoa