Private house prices rise 3.3% in 1Q23

The Q1 figure is an increase from the 4Q22 growth of 0.4%.

The growth of private residential prices picked up in Q1, rising by 3.3% YoY. Last quarter, prices only grew by 0.4%.

The rate of price increase also picked up for both landed and non-landed homes.

Data from the Urban Redevelopment Authority (URA) showed that prices of landed properties rose 5.9% YoY (vs 0.6% in Q4), whilst prices of non-landed homes rose 2.6% YoY (vs 0.3% in Q4).

By market, the Rest of Central Region recorded the highest price increase for non-landed homes(+4.4% YoY), followed by Outside Central Region (+1.9% YoY), and Core Central Region (+0.8%).

Unlike prices, rents for the quarter slightly moderated, increasing by 7.2% in 1Q23 from the previous 7.4% increase.

The increase in the rentals of non-landed properties likewise moderated, rising by 6.2% (vs 7.5%).

By market, CCR recorded the highest rental growth (6.4%), followed by RCR (6.2%), and OCR (6.1%). The pace of increase in all markets moderated.

Rental growth of landed properties, on the other hand, picked up in 1Q23, increasing by 14.5% (vs 6.3%).