Positive trajectory intact but price growth to moderate
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  • 09 February 2023

Positive trajectory intact but price growth to moderate

Singapore, 9 February 2023Compared to 2021’s growth of 10.6%, home property prices in 2022 climbed slower at 8.6%, which was fuelled mainly by the landed segment which recorded a 9.6% growth.  Landed home prices have been underpinned by sustained demand amid limited supply.

This is according to EDMUND TIE’s quarterly private homes performance report, Private Homes Q4 2022, that is released today.

Transaction volume

  • For the whole of 2022, overall transaction volume for private homes fell by 34.8% to 21,890 units, with the primary market bearing the brunt.

  • On the back of significantly lower number of launches in 2022 (a slide of 56.9% yoy), developers sold only 7,099 new homes, which is 45.5% lower than 13,027 homes sold in 2021.  In fact, at 7,099 new home sales, this is also the lowest in 14 years since the Global Financial Crisis in 2008. 

  • Nonetheless, take-up rates improved to 156.8%, soaking up previously launched inventory, attesting to ample market liquidity and organic growth supporting housing demand.

  • There were 18 new project launches in 2022, with the OCR accounting for half of the new launches.
    • Notably, in the OCR, Lentor Modern moved 521 of the 605 units launched, while AMO Residence moved 367 of the 372 units.


Trends in unit size, price range and foreign buyer profile

  • Driven by a growing appetite for larger private homes, transaction volumes for units of size between 1,000 sq ft and 1,500 sq ft in 2022 accelerated to 40.4%. This is compared to 28.4% growth in 2021.

  • The share of new non-landed units priced S$2 million and above reached 46.9% in 2022, almost a one-fold jump from 25.2% in 2021.
    • Such transactions in 2022 were mainly from sizeable new project launches – including AMO Residence, Normanton Park, Lentor Modern, Piccadilly Grand and Liv@MB.
  • The proportion of homes sold to foreigners rose to 4.7% in 2022, up from 3.8% in 2021.
    • Americans overtook the mainland Chinese in 2022, taking the top spot in foreign demand in the CCR, of which they accounted for about 25% of the transactions.
    • Meanwhile, the top position at both RCR and OCR went to the mainland Chinese for the 10th consecutive year.



  • Given that developers are picking up on the pace of launches to about 10,000 units in 2023, primary sales volume is poised to reach about 8,000-9,000 units in 2023, up from 7,099 units in 2022.

  • Secondary sales volume is expected to reach about 10,000-12,000 units in 2023, down from 14,791 units in 2022.  This is on the back of tighter overall financing environment and rising interest rates, as homebuyers tighten their belts.

  • Amid slower economic growth projects and rising interest rates, property prices are expected to continue heading north in 2023, albeit at a slower pace. Price growth could moderate to 1-3% for 2023.

  • As more new homes are expected to be completed next year, this would likely alleviate the pressure on the tight rental market in the coming months.  Compared to 29.7% increase in 2022, rental growth could soften to a 5-10% for 2023.

Click for the full Private Homes report, Q4 2022.


For further information, please contact:

Seah Li Ching (Ms)

Corporate Communications

DID: +65 6393 2369

Email: liching.seah@etcsea.com

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