Market Pulse Ep 21: Private Residential Market Performance 2023 Q1

Home prices hit an all-time high in the first quarter of this year. Prices rose across all market segments, especially in the city fringe area. Private home prices grew faster despite higher interest rates and spiralling inflation. As prices showed signs of acceleration and resilient demand, new cooling measures were implemented on 27 April 2023 to promote a sustainable property market. Property curbs were aimed at curbing foreign and investor demand. Private home prices rose at a faster pace of 3.3 per cent in the first quarter of 2023 than the previous quarter, according to the Q1 data released by the Urban Redevelopment Authority (URA). This is in stark contrast to the slight increment of 0.4 per cent in the last quarter of 2022. Year-on-year, prices rose by 11.4 per cent last quarter.

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