Singapore Property Market Report Q2 2023

Singapore Property Market Report Q2 2023
Singapore Property Market Report Q2 2023

Despite various challenges, the real estate market has remained resilient and 2023 began on a strong start. Major new launches in Q1 2023 performed favourably as expected due to strong demand, in spite of the higher interest rates and stamp duties.

However, the Singapore government has made moves to cool the red-hot property market. Budget 2023 saw higher Buyer’s Stamp Duty (BSD) rates for high-value residential and non-residential properties. Shortly after, IRAS announced that it would probe into the “99-to-1” scheme. Quick on the heels of these announcements came the April 2023 property cooling measures.

Looking ahead, demand for homes is expected to be influenced by the uncertain external environment. Property seekers may adopt a ‘wait-and-see’ approach and sellers are motivated to keep prices high amidst volatile global economic conditions.


  1. Get the GuruView

  2. Singapore Property Sale Market Index Q2 2023

    1. Sale Price Index, Supply Index and Demand Index

    2. Top Performing Districts and Projects

  3. Singapore Property Rental Market Index

    1. Rental Price Index, Supply Index and Demand Index

    2. Top Performing Districts by Rental Yield

  4. Conclusion

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Get the Guru View: Key Findings of the Singapore Property Market Report Q2 2023

Singapore Property Sale Market Index Q2 2023

According to Singapore Property Sale Price Index, the median asking prices of listings on the PropertyGuru website increased by 0.7% QoQ, rebounding close to that of Q3 2022 levels. This comes after a 0.8% QoQ dip in Q4 2022.

Even though price levels are stabilising and demand is waning as moves are made towards restoring supply, sellers remain resistant towards lowering asking prices.

Sellers looking to upgrade their property are setting their asking property prices at a higher point to offset the potential increased costs of acquisition. This factor, coupled with the tight labour market and current higher interest rates, has led to significantly different pricing expectations between what buyers are willing to pay and what sellers are asking for.

Asking prices for HDB resale flat listings in Q1 2023 climbed 1.6%, and are expected to continue increasing in Q2 2023. However, we do not expect price growth and demand for resale HDB flats to reach the same levels as in 2022. HDB resale flat prices are expected to plateau in the second half of 2023.

Similarly, the median asking prices for non-landed and landed home listings on PropertyGuru have been on an upward trend. Growth is expected to persist in the upcoming quarter, albeit at a slightly moderated pace.

Top Performing Districts and Projects

Some possible new launches for Q2 2023 include:

  • Lentor Hills Residences (District 26)

  • The Hill @ One-North (District 5)

  • The Arden (District 23)

  • Skywaters Residences (District 2)

  • Newport Residences (District 2)

  • The Reserve Residences (District 21)

Districts with recent property launches saw a significant increase in the median price per square foot (PSF). This indicates that new launches tend to bring up prices in their neighbourhood, boosting optimism among sellers, despite the high interest rate environment and the higher property taxes.

The number of million-dollar transactions rose from 84 in Q4 2022 to 96 in Q1 2023. Toa Payoh had the highest number of million-dollar transactions (15 units), followed by the Central Area (14 units) and Queenstown (13 units). The demand for million-dollar flats is likely to be sustained.

Singapore Property Rental Market Index Q2 2023

In Q1 2023, the Singapore Property Rental Index continued its upward trend, with asking rental prices increasing by 3.9% QoQ. However, this pace of growth was slower than the 7.4% QoQ increase in Q4 2022. While there is still robust demand for rental properties, there are telltale signs that tenants are becoming more resistant to rental price increases.

One possible reason for the decrease in demand is that more flats and condominiums were completed, providing tenants with more housing options. With supply being slowly restored and the increase in the number of rental listings, rental prices are expected to gradually stabilise. But the question of when remains uncertain due to the volatile rental climate.

Top Performing Districts by Rental Yield

With more firms adopting hybrid working arrangements, tenants are increasingly willing to rent in locations farther away from the Central Business District (CBD) and their offices amid the all-time high rental prices.

High rental yields are being observed in HDB towns farther away from employment centres. However, as these HDB estates are also experiencing an increase in sale prices, we anticipate the rental yields may recalibrate downwards in the future.


The Singapore residential market has demonstrated resilience despite the impact of higher interest rates and cooling measures.

Asking prices and rents have remained high, as property owners are reluctant to lower their prices to offset the rising cost of living in the short term. But sellers and landlords may have to adjust their expectations as demand is starting to slow down and is further dampened by the April 2023 property cooling measures.

For more insights and analysis, read the full PropertyGuru Singapore Property Market Report Q2 2023:

Or read past Property Market Reports

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