Singapore, 28 Apr 2023 PRICES of resale flats in the first quarter of 2023 inched up 1 per cent from Q4 2022 – the smallest quarterly increase compared with the previous 10 quarters.
Transaction volume showed slightly stronger recovery, rising 5.8 per cent to 6,979 units, from 6,597 units in Q4 2022, going by data from the Housing and Development Board (HDB) on Friday (Apr 28).
Christine Sun, OrangeTee & Tie’s senior vice-president of research and analytics, pointed to higher housing inventory as more flats were completed in recent months. The Singapore government also continued to launch Build-To-Order (BTO) projects and release new flats for sale.
Notably, the number of resale flat transactions for four-room flats and smaller rose 8.2 per cent to 5,000 units in Q1 2023, from 4,622 units in Q4 2022. This comes as cooling measures and rising interest rates dent buyers’ housing affordability, noted Sun.