Photo by Danist Soh on Unsplash

Private home price growth eases to 8.6% in 2022

In 2021, prices increased by 10.6%.

Prices of private residential properties grew slower in 2022, increasing by 8.6% YoY, data from the Urban Redevelopment Authority (URA) showed.

Last year, the market recorded price growth of 10.6%.

By property type, prices rose by 9.6% YoY for landed properties and 8.1% YoY for non-landed properties.

For the whole of 2022, non-landed properties in the Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR) recorded a price increase of 4.8%, 9.7%, and 9.3%, respectively.

Unlike prices, rentals of private residential properties grew faster in 2022, increasing by 29.7%. In 2021, rentals rose by 9.9%.

Landed and non-landed properties recorded a full-year rental growth of 28.1% and 29.8%, respectively. 

Rentals of non-landed properties likewise increased in the CCR (28.2%), RCR (30.3%), and OCT (31.8%). 

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