SINGAPORE – Singapore’s private home prices grew at their slowest pace in two years in the fourth quarter of 2022, as sales fell more sharply than expected on a dearth of major new launches, rising mortgage rates, property curbs and a slowing economy.
But most analysts expect the momentum to continue in 2023, with prices projected to rise between 2 per cent and 5 per cent, if housing demand and household balance sheets remain resilient amid rising interest rates, higher home prices and property curbs.
With about 11,000 new private homes (excluding executive condominium or EC units) to be launched in 2023, pent-up demand from those who sat out the market due to fewer options in 2022 could return, said Ms Chia Siew Chuin, head of residential research at JLL Singapore.
In the fourth quarter, private home prices grew just 0.4 per cent. This was slightly higher than the Urban…