Singapore, 05 Jan 2023 THE growth in resale prices of Housing and Development Board (HDB) flats has slowed to 0.2 per cent in December, according to flash figures released by SRX and 99.co on Thursday (Jan 5).
This marks the lowest price increase in a 30-month rally that started in June 2020, as property cooling measures, high interest rates and buyer resistance to high prices continue to weigh on demand.
For the month of December, resale prices in mature estates remained unchanged, while non-mature estates experienced a price gain of 0.3 per cent from the previous month. The prices of most room types increased, with three-room, four-room and five-room flats rising 0.6 per cent, 0.2 per cent and 0.3 per cent, respectively. Executive flats, meanwhile, were down 0.4 per cent.
Christine Sun, OrangeTee & Tie’s senior vice-president of research and analytics, noted that the monthly price growth over the past three months has been below 1 per cent, shortly after property curbs were implemented in September 2022.
“The latest wave of cooling measures seem effective in putting the brakes on the red-hot housing market and there are signs that prices may be cooling,” she added.