Residential prices fall by 0.7% QoQ in Q3

Rents also declined by 4% during the quarter.

Private residential prices fell by 0.7% quarter-on-quarter during the third quarter of the year marking the first decline since Q2 2023, according to a Monetary Authority of Singapore (MAS) report.

After increasing over three years, private residential rents have since fallen by 4% with moderation observed across all market segments.

Since Q1 2023, quarterly private housing completions have averaged 3,600 units, about 50% higher than in 2022.

Overall, the risks to the household sector are expected to be contained with the easing of mortgage rates in H1 2024, accompanied by stable income growth and improved liquidity position of households.

However, given the heightened geopolitical uncertainties and trade tensions in the macro-financial environment, MAS urges households to exercise prudence in their financial management.