SINGAPORE – Singapore private home prices rose at the slowest pace in two years in the fourth quarter of 2022, as sales fell more sharply than expected on a dearth of major new launches, rising mortgage rates, property curbs and a slowing economy.
The growth in private home prices cooled to 0.4 per cent in the three months to December, according to data from the Urban Redevelopment Authority (URA) on Friday. This was slightly higher than its flash estimate of a 0.2 per cent price rise, but sharply lower than the third quarter’s 3.8 per cent rise and second quarter’s 3.5 per cent increase.
It is also the slowest quarterly growth since the first quarter of 2020, when prices fell 1 per cent.
For the whole of 2022, private home prices grew 8.6 per cent, slowing from 2021’s 10.6 per cent rise.
Home prices are taking a hit from rising interest rates globally, but Singapore’s property prices have not suffered the sharp drops…
