What to expect in the HDB market next year

More than 8,000 BTO flats is expected to be launched in 2023.

The Housing and Development Board (HDB) is expected to launch more than 8,000 build-to-order flats for sale in 2023, some of which will have a shorter waiting time, Huttons Asia reported. 

The shorter waiting time may attract some buyers away from the resale market. Huttons added that the higher interest rate next year will likely drive buyers away from the resale market. 

The HDB resale flat transactions are estimated to stand between 24,000-26,000 in 2023, with resale flat prices expected to stabilise and see up to a 5% increase in 2023. 

Read more: Cooling measures crimp condo resale supply: analysts

Moreover, Huttons forecast that there may be 10,000-12,000 new private homes that will be launched for sale in 2023. 

“Many HDB upgraders tend to sell their flat and rent in the interim so that they do not need to pay the Additional Buyer’s Stamp Duty. This may increase the supply of HDB resale flats,” the report added. 

Meanwhile, the number of million-dollar flat transactions is expected to drop to 120-240 in 2023 due to the cooling measures.