Photo by Tierra Mallorca for Unsplash

SG Prime residential properties grow 2% to 61,939 in Q1

JLL expected the completed supply would peak within the year.

The current stock for Singapore's Prime residential properties grew by 2% to 61,939 units in the first quarter of 2023 from 60,701 units.

JLL's Property Market Monitor Singapore report also stated that the demand for these properties remained happy. However, buyers are less willing to commit to higher prices due to soaring interest rates and uncertainties in the global economy.

On the other hand, tenants became resistant to further rent hikes due to the increasing supply available for lease and higher costs of living. In turn,  prime rent growth slowed to 2.5% quarter-over-quarter from 3.4%.

READ MORE: Real estate investment volume surges 73% QoQ to $6.07b 

JLL expected that the newly completed supply for the country's residential properties would peak in 2023 and alleviate upward rental pressure as it would meet demand.

They also added that the returning foreign buyers would keep Prime prices on an uptrend, although the pace of growth could slow.

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