There has been a 5.7% drop in property sales in the first quarter of 2023 and the increase in the overnight policy rate has been cited as one of the reasons for the decline.
“The hike in cost will most likely be passed on to home buyers which may result in higher house prices and there will be fewer discounts or promotions,” Tan told FMT. Only 89,000 units of property were bought and sold in this period, while only 4,700 new units were launched, fewer than in the previous quarter.
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