Private new home sales remained subdued in October, extending the slow sales in recent months. Developers sold 203 new homes (ex. EC) in October, marking a 6.5% decline from the 217 units shifted in the previous month, and sales were down by 35.4% year-on-year from 314 units sold in October 2022. The tepid sales came amid a dearth of new projects being launched during the month.
Developers’ sales (ex. ECs) fell further in September owing to the hungry ghost month, dearth of new launches during the month as well as buyer fatigue setting in amongst buyers. New private home sales (excl. ECs) came in at 217 units in September, representing a 45% fall from August’s sales of 394 units, and a 78% decrease year-on-year from the 987 units sold in September 2022. Check out the latest report for insights on last month's developer's sales!
Developers’ sales fell sharply in August after achieving a near 2-year high in July. Sales were down by 72% from the previous month to 394 units (ex. EC); while sales were down by 10% year-on-year from August 2022. Sales in August 2023 were led by the Outside of Central Region (OCR) where 192 units were sold, accounting for nearly half of total developers’ sales in the month. Check out the latest report for insights on last month's developer's sales!
In Q3 2023, commercial property values continued to grow albeit at a slower pace due to weaker market sentiment, slower sales and emerging economic challenges. The URA Office price index and JTC Industrial price index posted modest quarterly growths of 0.8% QOQ and 1.4% QOQ respectively. Commercial leasing values also continued to expand in Q3 2023 in spite of softening consumer and weaker manufacturing demand. Read this report for more insights today!
Commercial shophouse sales activity showed signs of moderation in Q3 2023, with 38 transactions valued at $351 million, after a brief rebound in Q2. Rentals also moderated in Q3 2023 after peaking in the previous quarter though rental activity remained healthy, with more than 900 contracts worth $9.2 million signed. The rental market is expected to moderate further in the near term, due to limited availability of shophouses for rental as well as softening market sentiment. Read this report for more insights today!
“Recent price trends indicate that the housing sector is still in a state of moderation, as the cooling measures work their way through the market amidst cautious sentiment and muted sales activity during the quarter. According to flash estimates, overall private home prices grew marginally in Q3 2023… The growth momentum in private home prices has slowed substantially in recent quarters, indicating the heightened sense of caution as developers, buyers and sellers parse market data to assess the impact of the cooling measures on housing demand. While private home prices posted a marginal growth in Q3, it is likely that prices will remain relatively muted going into Q4 due to slower sales...” Check out the latest report for insights on last month's developer's sales!
PropNex releases its Home Buyers’ Sentiment Survey Report 2023 - found that most home buyers in Singapore are not planning to defer their property purchase this year, despite the new cooling measures and market uncertainties. The majority of respondents do not expect overall home prices to fall in 2023, and they remain price conscious with a sweet spot of $1 million to $1.5 million. District 15 emerged as the most preferred location, and ideal unit size favoured by respondents ranges from 800 sq ft to 1,200 sq ft. Most respondents value eco-friendly features at home, but are unwilling to pay much price premium for them. View insights from our report today!
The sales momentum of good class bungalows (GCBs) appears to have fizzled out in the first half of 2023, following a relatively subdued year of sales in 2022. This is in stark contrast to 2021, where lower interest rates, a pent-up demand for housing, and a desire for larger homes helped to drive the landed residential property market. Read on to find out how the GCB and prestige landed market performed in the first half of 2023 in this latest PropNex research report.
Sales momentum in the commercial market slowed significantly in the first half of 2023 amidst concerns of a global economic downturn and as interest rates remained elevated. Some bright spots persist in the market, in particular the commercial leasing market remains buoyant owing to robust occupier demand and tight occupancies. However, economic headwinds dampen outlook for the market due to weakening business confidence and global demand. Find out how the commercial property market performed in the first half of 2023 in this latest PropNex research report.
MONTHLY REPORT (OCT 2023)
MONTHLY REPORT (SEPT 2023)
MONTHLY REPORT (AUG 2023)
