What lies ahead for the property market in 2023? PropertyGuru cites declining sales

Economic conditions could worsen and financially constrain sellers.

Whilst prices are stabilising, PropertyGuru raised alarm on the possibility of price correction in 2023, which could worsen economic conditions and financially constrain home sellers in the property market.

More first-time home buyers may also move to the rental market due to the affordability, PropertyGuru added.

A PropertyGuru 2022 study showed about 66% of the respondents chose to rent instead of buy homes due to a lack of savings.

“Still, renting is seen as a temporary means to meet short- to medium-term housing needs; the end goal for many Singaporeans is still homeownership,” PropertyGuru said.

For the mid-to-long term, there is still continued appeal to foreign investors and buyers.

“This is likely to generate more wealth and attract fresh talent, bringing new demand to the housing market,” it said.

Lagged effect

The government may have increased the supply of homes but PropertyGuru sees a lagged effect. This means it will not be visible in the immediate term.

In the past, the government vowed to provide 100,000 flats from 2021 to 2025.

In the second half of the year, the government land sales units for the second half of 2022 grew by 26%.

Follow the link for more news on

Property Guru

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia