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Private Home Prices in Singapore Fall for First Time in Three Years

Private home prices in Singapore fell by 0.2% in the second quarter of 2023, marking the first decline in three years. The Urban Redevelopment Authority (URA) released the data on Friday, July 28. Overall, private homes prices increased about 3.1% in the first half of 2023.

Prices of Landed properties however continue to increased by 1.1%, marking a 5.9% increase for the first quarter.

This could be due to an increase of new supply into the market- as a total of 4,401 private residential units, including ECs, were completed. This is approximately 83% higher than the average of around 2,400 units completed per quarter in 2022.

Notable projects completed in the last quarter include Riverfront Residences, which added 1,472 units, Affinity At Serangoon with 1,052 units, and The Woodleigh Residences, contributing 667 units.

According to the expected completion dates by developers, the second half of 2023 will see the completion of 12,306 units, while approximately 40,200 units are anticipated to be completed between 2023 and 2025.whereby a total of 12,306 units will be completed in the second half of 2023 and about 40,200 units are expected to be completed between 2023 and 2025.

However, analysts continue to remain an optimistic estimate of a more restrained increase of 3%-6%, compared with the price hikes in the last two years.




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