Singapore Property Market Report Q1 2023

PropertyGuru Editorial Team
Singapore Property Market Report Q1 2023
In 2022, property prices continued to climb amid declining sales volumes across all property types, defying economic downside pressures. The rental market also took off, hitting record highs in the HDB and private property rental markets.
In part, this was due to the tight supply. While pandemic-induced construction woes have gradually been alleviated and more major new launches were seen in 2022 than in 2021, restoring the supply pipeline remains a slow process. Keen interest is expected in upcoming new major launches.
Increased borrowing costs due to higher interest rates and the announcement of the September 2022 property cooling measures contributed to slower demand in Q4 2022. However, asking prices did not ease. Consequently, we should expect the same buying behaviours in the first quarter of 2023.


  1. Get the GuruView
  2. Singapore Property Sale Market Index Q1 2023
    1. Sale Price Index, Supply Index and Demand Index
    2. Top Performing Districts and Projects
  3. Singapore Property Rental Market Index Q1 2023
    1. Rental Price Index, Supply Index and Demand Index
    2. Top Performing Districts by Rental Yield
  4. Conclusion

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Get the Guru View: Key Findings of the Singapore Property Market Report Q1 2023

Singapore Property Sale Market Index Q1 2023

The Singapore Property Price Index eased by 0.8% quarter-on-quarter (QoQ) in Q4 2022, following fewer property enquiries. The overall Sale Demand Index, which tracks the number of searches of property sale listings on the PropertyGuru Singapore platform, went down by 44.4% in Q4 2022 due to a confluence of reasons.
‘Revenge travelling’ played an important part – agents and buyers took the December holidays to travel overseas as 2022 was the year that COVID-19 travel restrictions significantly eased.
Despite slowing QoQ price growth, it is noteworthy that solid price growth was observed YoY, supported by the low supply and strong employment rate. The Sale Price Index was also supported by fewer listings, with the Sale Supply index going down by 20.3% YoY.
The asking prices for HDB resale flats listed on PropertyGuru Singapore increased for the 17th consecutive quarter since Q4 2018, but the pace of growth has moderated. In part, this is due to the latest cooling measures implemented.
The listing prices for landed homes went up for 12 straight quarters, while the non-landed home prices grew for 11 consecutive quarters. However, signs of a widening price expectation gap between prospective buyers and sellers have been identified. It is predicted that the high asking price and low sale demand scenario would likely persist for the year’s first half, barring external shocks or an economic downturn.

Top Performing Districts and Projects

It is anticipated that the major new launches in Q1 2023 will do well. Some new launches for Q1 2023 include:
  • The Botany at Dairy Farm (District 23)
  • Terra Hill (District 5)
  • Lentor Hills Residences (District 26)
  • The Hill @ One North (District 5)
  • Blossoms By The Park (District 5)
  • Hill House (District 9)
  • Tembusu Grand (District 15)
  • The Arden (District 23)
The list of top-performing districts for non-landed private property was dominated by districts in the Rest of Central Region (RCR). Their popularity can be attributed to their accessibility and proximity to the CBD.
On a separate note, the landed property market saw a decline in transactions during the fourth quarter, the average quantum of landed homes that exchanged hands went up by 5.5%.
The number of million-dollar transactions increased from 259 in 2021 to 370 in 2022. In Q4 2022 alone, 93 such units were transacted. The buying preference for larger flat types in mature estates continues to persist – we are likely to see buyers willing to pay premium prices for such homes.
With that in mind, the impact of the latest round of cooling measures and the higher interest rates is expected to be more visible towards the end of Q1 2023.

Singapore Property Rental Market Index Q1 2023

The Singapore Property Rental Price Index increased by 7.4% as the median asking rental prices reached a five-year high for both the HDB and the private home markets. The Rental Demand Index declined by 28.1%, while Rental Supply Index increased by 5.6% QoQ as more projects were completed.
As more developments continue to be completed in 2023, we anticipate the Rental Supply Index to rise further. In turn, we should see demand and rents stabilising.
Private property owners right-sizing to HDB flats would likely occupy these units as they renovate their new homes, driving up the demand. In contrast, pressure from families waiting for the completion of their homes – be it BTO projects or new launch condos – will likely diminish as construction woes alleviate.
The demand from expatriate workers will likely grow slower as companies are likely to moderate their expansion rates. As more foreign talents move or search for more affordable options, rental prices will likely be subjected to downward pressure.

Top Performing Districts by Rental Yield

Outside Central Region (OCR) private properties have a higher rental yield as home prices are generally more affordable in those areas. Young professionals who prefer to live near their workplaces in the CBD and are willing to pay the price premium for convenience, which allows properties in the Core Central Region (CCR) to command a higher rental yield.
Mature housing estates tend to command a higher rental yield than newer ones, as they have more amenities and unique characteristics. Such estates also tend to be closer to the CBD and are more sought after as they give their residents easy access to the city.


Overall, the stage is set for Q1 2023 to begin the year on a slower yet promising start.
Despite the uncertain geopolitical and macroeconomic conditions, rising inflation, and increasing interest rates, the housing market remains resilient. Despite the increased cost of acquiring homes, many buyers maintain a positive view of the market’s long-term outlook.

For more insights and analysis, read the full PropertyGuru Singapore Property Market Report Q1 2023:

Or read past Property Market Reports

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