Singapore, 03 Apr 2023 Private home prices in Singapore increased by 3.2 per cent in the first quarter of 2023, according to official flash estimates released by the Urban Redevelopment Authority (URA) on Monday (Apr 3).
"The slower sales indicate that declining affordability has taken a toll on some potential buyers who face the dual challenges of skyrocketing interest rates and continued price growth," said Ms Christine Sun, OrangeTee & Tie's senior vice president of research and analytics.
Ms Sun added that more private homes will be launched in prime locations and city fringe areas in the coming months and as a result, transactions involving such pricier homes may move up the overall price index further.