Singapore Housing Index

Private home prices in Singapore increased by 0.8 percent quarter-on-quarter in Q3 of 2023, compared with a flash reading of 0.5% growth and after a final 0.2% contraction in Q2. Prices of non-landed property rebounded (2.2% vs -0.6% in Q2), mainly boosted by rises in the Rest of the Central Region/RCR (2.1% vs -2.5%) and Outside the Central Region/OCR (5.5% vs 1.2%). Meanwhile, prices of landed property fell (-3.6% vs 1.1%). About 9,000 private residential units were completed in Q3, the highest quarterly supply completions since Q2 of 2016. Cumulatively, the supply completions in the first three quarters of 2023 were more than three times that for the same period in 2022. For the whole year, a total of about 20,400 private residential units are expected to be completed, the highest annual supply completion since 2017.