At least 127 flats were sold for at least S$1 million in the third quarter, setting a new record
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SINGAPORE: Both private property and HDB resale flat prices edged up slightly in the third quarter of 2023, according to the flash estimates published on Monday (October 2).
Housing and Development Board (HDB) flash estimates showed that the resale prices of public housing flats rose by 1.2 per cent in the third quarter after a 1.5 per cent increase in the second quarter. This is the 14th straight quarterly increase in the HDB Resale Price Index.
The HDB said 6,592 resale flats changed hands in the third quarter, up from 6,514 HDB flats in the second quarter but fewer than the 7,546 units sold in the third quarter of 2022.
Real estate portal PropNex said in a press release:
The HDB resale flat price rise in the third quarter of 2023 was largely due to four-room units. Their average price increased by 1.8 per cent from S$579,740 to over S$590,450. The average price of five-room flats crept up 0.6 per cent, while that of executive flats rose by 1.3 per cent.
At least 127 flats were sold for at least S$1 million in the third quarter, setting a new record. Million-dollar prices were fetched by 30 four-room flats, 54 five-room flats and 43 executive flats.
More than 20,000 HDBs are estimated to have been sold on the resale market since January 2023.
Private property prices
The Urban Redevelopment Authority (URA) flash estimates indicated that overall private home prices increased by 0.5 per cent in the third quarter after a 0.2 per cent dip in the second quarter.
The third quarter rally was led by the non-landed private homes segment, while landed property prices declined by 4.9 per cent. This is the first quarterly decline in landed home prices in nine quarters since a 0.3 per cent drop in the second quarter of 2021.
Non-landed private home prices rose by 2.1 per cent after a 0.6 per cent drop in the second quarter. While non-landed home prices fell by 2.6 per cent in the Core Central Region, prices rose in the Rest of the Central Region (RCR) and Outside the Central Region (OCR).
URA said 4,569 private homes had been sold in the third quarter.
Foreigners accounted for 2.1 per cent and permanent residents 11.6 per cent of the non-landed new private home sales. The rest were Singaporeans, according to PropNex.