Private residential home prices up by 8.4% in 2022

However, it is a decrease from last year due to a decline in sales.

The price increase of private residential property in 2022 went up 8.4% from 10.6% in 2021, the Urban Redevelopment Authority said.

In a statement, the decrease in price increase was because private housing sales fell by 48% on a quarter-on-quarter basis and by about 60% on a yearly basis in the fourth quarter of 2022.

The private residential property index also increased by 0.4 points, or 0.2%, in the 4th quarter of 2022, compared to a 3.8% increase in the previous quarter. For the whole of 2022, sale transaction volume went down 36% compared to 2021. 

Prices of non-landed private residential properties in the core central region (CCR) grew by 0.5%, whilst prices in the rest of central region (RCR) increased by 2.6% and prices in the outside central region (OCR) declined 2.6%. For the whole of 2022, prices in the CCR, RCR, and OCR increased by 4.6%, 9.2%, and 9.3%, respectively.