Demand for residential properties falls 14.4% QoQ in 3Q23

Supply likewise dipped during the quarter.

The residential market saw a decline in both supply and demand in 3Q23.

According to PropertyGuru, the Singapore Property Sale Demand Index dropped sharply by 14.4% QoQ, whilst the overall Sale Supply Index slipped by 0.7% QoQ.

Consequently, the Singapore Property Sale Price Index fell 1.8% QoQ, after a 1.0% increase from the previous 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 said.

“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.