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OrangeTee | Comments on URA flash estimates for Q4 2023

URA Quarterly Data

Press Release

02 Jan 2024

URA has just released the Q4 2023 real estate statistics. 



Property prices in Singapore have slowed down considerably this year, ending the pandemic-induced surge. After rising by a staggering 8.6 per cent in 2022 and 10.6 per cent in 2021, the URA property price index (PPI) shows prices stabilizing at a more moderate rate of 6.7 per cent for the whole of 2023, according to flash estimates from the Urban Redevelopment Authority (URA). This is despite prices growing at a faster rate of 2.7 per cent in the final quarter of 2023.  

The faster price growth last quarter was driven by price increases in the prime areas or the core central region (CCR) at 4.2 per cent and suburban areas or outside the central region (OCR) at 4.6 per cent. Conversely, prices dipped 1.2 per cent in the city fringe or the rest of the central region (RCR). 

Prices by market segment 
Last quarter, the price increase in OCR was driven by a higher proportion of new home sales. According to URA Realis data downloaded on 01 January 2024, new home sales (non-landed + landed excluding EC) in the OCR as a percentage of total OCR sales increased to 30.9 per cent in the fourth quarter from 28.7 per cent in Q3. 

Further, new sales in the prime areas or CCR as a proportion of total CCR sales remained constant at 32.7 per cent. In contrast, the proportion of new home sales in RCR decreased to 21.1 per cent from 48.8 per cent in the same period, which may explain why prices dipped in the RCR in Q4 2023. 


Despite the existing property curbs and buyer prudence amid cost concerns, the property market is expected to remain stable due to the continued interest from investors and local homebuyers. In 2023, the increased supply of completed condos has already helped to stabilize prices substantially, and we anticipate this trend to continue in 2024. 

The property market is also expected to benefit from an improving economy and better job prospects, which will help spur demand for properties. We estimate that price growth may continue to moderate, rising by around 3 to 6 per cent for the whole of 2024.

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