Singapore Private Home Prices grew by 8.6% in 2022

Private home prices in Singapore rose 0.4 percent quarter-on-quarter in the three months to December of 2022, compared with a flash reading of a 0.2 percent gain and after a final of 3.8 percent growth in the prior period. The latest result marked the slowest quarterly increase since a contraction in Q1 of 2020 amid rising mortgage rates, property curbs, and a slowing economy. Prices eased for both non-landed property (0.3% vs 4.4% in Q3) and landed property (0.6% vs 1.6%). For the whole of 2022, they increased by 8.6%, down from 10.6% in 2021 because of falling sales.

Source: TRADINGECONOMICS.COM

2 Cooling Measures were announced in 2022

A. Effective 30 Sep 2022

Fresh measures to tighten limits on housing loans – including for public housing – will come into effect on Friday (Sep 30), in a bid to ensure prudent borrowing and moderate demand, the government announced in a statement released late last night.

B. Effective 9 May 2022

An Additional Buyer’s Stamp Duty (ABSD) of 35% will be imposed on any transfer of residential property into a living trust, where the transfer occurs from May 9, the Ministry of Finance announced late on Sunday night (May 8).

Growth in private home prices slow in Q4 as sales plunge

Price grew at their slowest pace in two years in the 4th qtr of 2022 as sales fell more sharply than expected on a dearth of major new launches, rising mortgage rates, property curbs and a slowing economy.

Suburban projects help fuel faster increase in Q3 private home prices

Private home prices in the 3rd qtr grew at a faster pace of 3.8% despite rising interest rate, as strong sales at new benchmark prices set by suburban launches fuelled price strength in the non-landed segment.

Private home prices up 3.5% in Q2 as market rebounds

Prices rose 3.5% in the 2nd qtr from the previous qtr, by more than the 3.2 % flash estimate released earlier this month, as well as the 0.7 % increase chalked up in Q1.

Analysts said that the gain in the price index for private homes was a result of new launches in the city-fringe, the return of foreign buyers, as well as firm demand.

Price growth of private homes slows in Q1 after cooling measures, even as levels hit new high

Private home prices grew at a slower pace in the first quarter of the year after December’s cooling measures, even as they rose for an eighth consective quarter to hit a historical high.

Data showed that the 0.7% increase in Q1 was led by landed properties, with prices for the segment rising by 4.2%, compared with 3.9% in the prior quarter. This was attributed to sales at new launch Belgravia Ace, along with resale traction and limited supply.

Non Landed Residential Property - Apartments & Condominium (excl EC)

Sales Volume for the private non landed properties (excluding ECs) amounted to 19,986 for the whole of 2022.

Compared to 2021, this is a reduction of 30%, or 8,676 units less than the 28,662 units transacted in 2021. This was due to the lack of major new launches, rising mortgage rates, property curbs and a slowing economy.
Of the total sales volume, 6,881 units were from new sale properties while 12,459 were resale properties. Compared to 2021, this is a reduction of 46% for new sale and 20% for resale.

In the Core Central Region, new sale volume dropped by 24% from 2486 units in 2021 to 1882 units in 2022. Resale volume dropped by 33% from 3177 units in 2021 to 2123 units in 2022.
In the Rest of Central Region, new sale volume decreased by 50% from 5331 units in 2021 to 2672 units in 2022 while the Resale volume dropped by 23% from 4544 units in 2021 to 3498 units in 2022.
In the Outside of Central Region, new sales decreased by 53% from 4905 units in 2021 to 2327 units in 2022 while Resale volume dropped by 12% from 7765 units in 2021 to 6838 units in 2022.

The average psf for the private non-landed properties (excluding EC) amounted to $1811 in the year 2022

Compared to 2021 average psf of $1695, this is an increase of 6.8%.
New Sale average psf for 2022 was $2315, an increase of 13.4% from 2021 psf of $2041
Resale average psf for 2022 was $1515, an increase of 7.7% from 2021 psf of $1407

In the Core Central Region, New Sale average psf increased by 4.0% from 2021 psf of $2728 to 2022 psf of $2838. Resale average psf increased by 5.8% from 2021 psf of $1999 to 2021 psf of $2115.
In the Rest of Central Region, New Sale average psf jumped by 7.6% from 2021 psf of $2122 to 2022 psf of $2284 while the Resale average psf moved 8.5% from 2021 psf of $1466 to 2022 psf of $1591.
In the Outside of Central Region, New Sale average psf moved by 20.3% from 2021 psf of $1604 to 2022 psf of $1929 while the Resale average psf jumped by 11.1% from 2021 psf of $1142 to 2022 psf of $1269.

Non-landed Residential (excl EC) Ave PSF by District

Average size of homes sold in 2022 was generally bigger for the New Sale units, at 978 sqft in size compared to 888 sqft in 2021. For the Resale units, average size were about the same at 1216 sqft compared to 1212 sqft in 2021.

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Landed Private Residential Property (Non Strata)

Sales Volume for the landed properties (non Strata) amounted to 1,596 for the whole of 2022.

Compared to 2021, this was a reduction of 44.3%, or 1,271 units less than 2,867 units transacted in 2021. This was due to the weak demand across all landed property market segments.
Of the total sales volume, 215 units were Detached, 520 were Semi-detached and 861 were Terrace houses. Compared to 2021, this was a decrease of 51%, 42.7%, and 43.4% respectively.

In the Core Central Region, 89 units were Detached, 99 units were Semi-Detached and 36 units were Terrace. Compared to 2021, this was a reduction of 50.3%, 42.8% and 55.5% respectively.
In the Rest of Central Region, 35 units were Detached, 76 units were Semi-detached and 175 were Terrace. Compared to 2021, this was a decrease of 45.3%, 46.5% and 45.5% respectively.
In the Outside of Central Region, 91 units were Detached, 345 units were Semi-detached and 650 were Terrace. Compared to 2021, this was a reduction of 53.3%, 41.7% and 42% respectively.

The average psf for the landed properties (excluding Strata Landed) amounted to $1693 in the year 2022

Compared to 2021 average psf of $1496, this was an increase of 13.2%
Detached average psf for 2022 was $1595, an increase of 8.1% from $1476 psf in 2021.
Semi-detached average psf for 2022 was $1597, an increase of 13.8% from $1403 psf in 2021.
Terrace average psf for 2022 was $1776, an increase of 14.2% from $1555 psf in 2021.

In the Core Central Region, Detached average psf increased by 8.9% from 2021 psf of $1839 to 2022 psf of $2003. Semi-D average psf increased by 12.8% from 2021 psf of $1950 to 2022 psf of $2199. Terrace average psf increased by 2.1% from 20201psf of $2726 to 2022 psf of $2785.
In the Rest of Central Region, Detached average psf moved by 18.6% from 2021 psf of $1389 to 2022 psf of $1647. Semi-D average psf increased by 25.9% from 2021 psf of $1511 to 2022 psf of $1903. Terrace average psf increased by 17.8% from 2021 psf of $1773 to 2021 psf of $2088.
In the Outside of Central Region, Detached average psf moved by 0.3% from 2021 psf of $1172 to 2022 psf of $1176. Semi-D average psf increased by 10.6% from 2021 psf of $1226 to 2022 psf of $1356. Terrace average psf increased by 16.3% from 2021 psf of $1407 to 2022 psf of $1636.