Residential property supply dipped in 3Q23

In the third quarter of 2023, the residential real estate market experienced a noticeable downturn in both its supply and demand.

As reported by PropertyGuru, the Singapore Property Sale Demand Index experienced a significant decline of 14.4% quarter-on-quarter (QoQ), while the overall Sale Supply Index showed a slight slip of 0.7% QoQ.

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Consequently, the Singapore Property Sale Price Index recorded a 1.8% QoQ decline, following a 1.0% increase in the preceding period.

“The combination of rising home acquisition costs and economic uncertainties may have given would-be sellers some pause from putting their properties on the market,” PropertyGuru stated.

“Foreign property owners also held back – under the current ABSD framework, these individuals faced high property replacement costs should they choose to buy a new property,” PropertyGuru added.

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