In 2023, Singapore’s private residential property market underwent significant changes, culminating in a 2.7% increase in the fourth quarter, contributing to an overall yearly rise of 6.7%. This article, Private Residential Property Prices 2023, examines the key developments that shaped the property market during the year.
Year in Review
The fourth quarter of 2023 witnessed a noteworthy 2.7% increase in private residential property prices, marking a departure from the preceding quarter’s 0.8% uptick. However, this growth was more moderate compared to the robust 8.6% surge in 2022 and the impressive 10.6% increase in 2021. Experts suggest that these fluctuations signal a potential peak in private home prices.
Analysts points out that this marks the seventh consecutive year of growth since the market bottomed in mid-2017. Prices have surged by an impressive 32.3% since their last low point in Q1 2020.

Private Residential Property Prices 2023 : Regional Variations
The property market in 2023 exhibited varying dynamics across different regions of Singapore. The suburban non-landed market was a major driver, with prices surging by an impressive 13.8%. In contrast, the Rest of Central Region (RCR) saw a more modest 2.7% increase, while prime Core Central Region (CCR) prices rose by 2.1% year on year.
Quarter on quarter (qoq), private condo prices in the Outside Central Region (OCR) registered a 4.6% increase, following a 5.5% rise in Q3. CCR prices, although slightly behind, still showed signs of recovery with a 4.2% increase in the fourth quarter, rebounding from the previous quarter’s decline of 2.7%.
Notable Sales
The fourth quarter of 2023 witnessed two standout property launches. CapitaLand’s J’Den in Jurong East sold 323 units at an average price of S$2,451 per square foot (psf), while UOL and SingLand’s Watten House in Bukit Timah moved 102 units at an average price of S$3,230 psf. These projects accounted for a significant portion of new sales in their respective OCR and CCR segments during Q4.
Buyer Resistance and Foreign Investment
The Rest of Central Region (RCR) experienced a 1.2% price decline in Q4, partly attributed to some existing projects clearing their last unsold units at a discount. This trend reflects increasing buyer resistance to already high prices, especially considering that non-landed price levels at the end of Q4 2023 were at their historical peaks.
Foreign buyers’ presence in the market also dwindled, with Singaporeans and permanent residents accounting for 98.5% of private home buyers in Q4. This shift was a result of the hike in the Additional Buyer’s Stamp Duty (ABSD) in April, which discouraged foreign investment. Data from January 2, 2024, indicated a significant drop in purchases made by foreigners compared to earlier in the year.
Transaction Volume and Landed Properties
Transaction volume in the private property market decreased in 2023. The total sale transaction volume of private homes up to mid-December was 27% lower than in Q3, resulting in 3,800 units sold in Q4. This brought the full-year figure to 18,510 units, down 15% from 2022, marking the lowest annual sale transaction volume since 2016.
Landed properties, on the other hand, had a strong showing in Q4, with prices rising by 4.5%, reversing a decline in the previous quarter. For the entirety of 2023, landed home prices saw a 7.8% increase. The demand for freehold landed homes remained robust, with limited inventory being the main challenge for prospective buyers.
Good Condo Launches such as the Watten House and 32 Gilstead Road Condo, which are FREEHOLD properties in top residential districts, close to top primary schools, are the key to buying in 2024.
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Future Outlook
Market analysts predict that prices are likely to slow down further, ranging between 3% to 5% in the coming year. Resilient household balance sheets and low unsold inventory are expected to prevent significant corrections in home prices. New-launch pricing is expected to remain elevated due to committed land and construction costs.
In conclusion, the private residential property market in Singapore in 2023 was characterized by diverse regional dynamics, fluctuations in buyer sentiment, and a significant decline in foreign investment. While uncertainties loom in the global economic landscape, the market remains resilient, with experts anticipating a continued, albeit more moderated, upward trajectory in property prices.
It continues to pay to invest in top quality properties in Singapore.