Singapore private home prices up just 0.2% in Q4 on sharp drop in sales

The rise in Singapore private home prices here cooled to 0.2 percent in the fourth quarter of 2022, as sales dropped sharply in the face of growing economic headwinds, the latest property curbs, and the absence of major new launches.

The 0.2 percent price rise is a significant slowdown from the 3.8 percent increase in the third quarter, and the 3.5 percent growth in the second quarter, according to data from the Urban Redevelopment Authority (URA) on Jan 3, 2023. For the whole of 2022, private home prices climbed 8.4 percent, down from the 10.6 percent rise in 2021, on the back of a decline in sales, URA said.

The number of private homes sold plunged 49 percent in the fourth quarter from the third quarter and by about 60 percent year on year. For the whole of 2022, sales fell by about 36 percent compared to 2021.

The following table shows the movement of the URA Residential Price Index in the different categories: