Singapore residential market stabilising: PropertyGuru

Demand for home listings fell 17% YoY.

Singapore’s residential market is starting to stabilise with demand for homes and median prices in the first quarter settling around the same levels seen in the fourth quarter, according to PropertyGuru.

In a recent note, the property portal said its Demand Index, which tracks the number of inquiries of all home sale listings on its website, moved within a narrow range from the third quarter of 2023 through the first quarter. 

Demand for homes last quarter fell 17% from a year ago, based on the same index.

PropertyGuru’s Price Index showed the median asking prices of homes only went up 1% YoY last quarter and up 2.1% QoQ. 

Supply, on the other hand, rebounded with a 5.6% jump in the first quarter following a dip in the three months prior.

“We anticipate the continuation of the high-price, low-demand scenario, as potential sellers show no urgent inclination to sell. Transaction volumes in 2024 are expected to align with 2023 levels, or potentially end up lower,” PropertyGuru said.

Rental housing, meanwhile, is beginning to cool down with the asking rents falling in response to weakening demand, according to the report.

Latest data showed Singapore's home price growth eased 1.4% QoQ uptick in the first quarter from 2.8% in Q4.