Is the Singapore property market slowing down?

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In a flash estimate done by the Urban Redevelopment Authority, prices of private residential properties have increased by 3.8 per cent in Q3 of 2022. This is in contrast to a 3.2 per cent increase in Q2 and a 0.7 per cent increase in Q1 2022. Public housing has also experienced substantial price hikes, with a record number of HDB...

rising interest rates resulting in higher mortgage loan rates

The supply of new builds has not been able to keep up with this strong demand. Many developments experienced construction delays due to the pandemic. The rental market has flipped to become a 'landlord's market' where landlords are able to fetch increasingly high rents on their properties.Firstly, the reopening of Singapore's borders following Covid-19 lockdowns has seen an influx of foreigners returning to Singapore for work, all of whom would be seeking housing arrangements.

As such, many home buyers deem property as a good investment as the high prices can be justified by the high rents. This has resulted in the demand for housing remaining strong.Singaporean home buyers are much wealthier than their counterparts in other parts of the world.

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