SINGAPORE — Private home prices in Singapore fell for the first time in three years, dropping by 0.4 per cent in the second quarter of 2023, according to flash estimates released by the Urban Redevelopment Authority (URA) on Monday (July 3).
This is the first quarterly decrease in prices since the first quarter of 2020 as price momentum eased across all market segments, said URA.3.3 per cent gain in the previous quarterThe fall in prices comes after several rounds of property cooling measures since December 2021, including the latestThe prices of non-landed properties fell by 0.5 per cent in the second quarter, a reversal from the 2.6 per cent increase in the previous quarter.
The pace of increase in the Core Central Region moderated to 0.3 per cent, from the 0.8 per cent increase in the previous quarter. Prices of landed properties saw their smallest gain in two years, said URA, increasing by 0.1 per cent compared with the 5.9 per cent rise in the previous quarter. The sale transaction volume totalled 4,762 in the second quarter of 2023, compared to 4,121 in the previous quarter and 6,811 in the second quarter of 2022.
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