Buyer demand for private homes down in Q4 22

New cooling measures led to the slowdown of price growth in the final quarter.

There was a reduced homebuyers’ demand for the private residential property segment as new cooling measures, rising interest rates and economic slowdown continue, property analysts said.

In a statement, Cushman & Wakefield made the comment as the government revealed the price increase of private residential property in 2022 increased 8.4% from 10.6% in 2021.

For CBRE, it observed that the city fringe or the rest of the central region found the highest increase in non-landed property prices at 2.6%. It performed well whilst “the core central region saw a more subdued increase of 0.5% and the outside central region saw a decline of 2.6%. 

For Knight Frank’s part, the top performer is the OCR in terms of price growth and sales volumes.

“Whilst the price index in the OCR dropped by 2.6% q-o-q in Q4 2022, it gained 9.3% for the year,” said Knight Frank.

Price expansion in 2022 was also bolstered by the strong take-up of new launches in the first three quarters of the year.