Private home rentals grew at a slower pace of 0.8 per cent in the third quarter of 2023.
A view of private residential properties near Orchard Road in Singapore, Apr 13, 2023. The authority noted that the average quarterly price increase – around 0.3 per cent – over the past two quarters was “significantly lower” than the average quarterly increase of 2.1 per cent in the whole of 2022.rose by 2.2 per cent, compared with the 0.6 per cent decline in the second quarter.
“Year to date, prices edged up 3.9 per cent in the first nine months of this year, a smaller increment compared to the same periods in 2022 at 8.2 per cent and 2021 at 5.3 per cent,” she added. The sale transaction volume totalled 5,201 in the third quarter of 2023, compared to 5,388 in the previous quarter and 6,148 in the third quarter of 2022.Private home rentals rose at a slower pace of 0.8 per cent in the third quarter of 2023, compared with the 2.8 per cent increase in the previous quarter.The increase in the rentals of non-landed properties slowed to 0.2 per cent, from 2.3 per cent.
She added that with more new home completions, the vacancy rate rose to 8.4 per cent. The last time the vacancy rate went higher than that was inHuttons’ Mr Lee said that the proportion of foreigners buying residential properties in Singapore this quarter more than halved, from 4 per cent to 1.7 per cent, following cooling measures.
“Cumulatively, the total completions of 17,199 units in the first three quarters of 2023 were more than three times that for the same period in 2022,” it added.
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