135 views
/Jason Goh for Pixabay

New home sales high but volumes low in Q2 due to high interest rates

CBRE said private home prices fell amidst the cooling measures.

New home sales grew due to new city fringe launches in Q2 2023, with 2,080 new homes sold in Q2 2023, a 65.6% QoQ increase from 1,256 units in Q1 2023, said CBRE in a new report.

"Sales were largely supported by robust take-up at new RCR launches, Blossoms by the Park (275 units), Tembusu Grand (638 units), and The Reserve Residences (732 units)," read the report.

In contrast, sales volumes declined YoY compared to Q2 2022, with 2022's 2,397 units amid high-interest rates, tighter financing conditions, and slow economic growth.

Private home prices went down for the first time in three years after cooling measures. For the same reason, overall private housing prices declined for the first time in three years.

According to URA's All Private Residential Price Index registered a 0.4% QoQ decline in Q2 2023, reversing the 3.3% q-0-q growth in Q1 2023.

Prices of non-landed properties fell 0.5% q-o-q, whilst prices of landed properties saw its smallest gain in two years of 0.1%.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Startup pushes preventive healthcare through digitalised longevity solutions
Mito Health CEO Kenneth Lou believes their personalised platform can address potential future health concerns and extend lifespan.
Healthcare
Budget 2024: 3 tax strategies to offset BEPS 2.0 effects
Should the directive be implemented, selected MNEs will be subject to a global minimum tax of 15%.