Singapore’s Residential Price Index Goes up 3.2% QoQ in Q1 2023

Despite the rise of the residential price index in the first quarter of this year, RHB is expecting a decrease in the second half of this year. This is due to rising interest rates, competition, and economic slowdown.

More from OMY: Singapore private home prices increase 0.4% in Q422 despite lower sales

Additionally, the resale market is also slowing down due to the divergence in pricing expectations between sellers and buyers. Full-year resale volumes are expected to be 5% to 20% lower compared to 2021.

Authorities are closely monitoring the market so cooling measures are unlikely. Overall, the real estate market has a neutral rating. Meanwhile, City Developments Limit has a “buy” rating. 

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