{"id":63624,"date":"2023-01-27T17:17:36","date_gmt":"2023-01-27T09:17:36","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=63624"},"modified":"2023-04-01T02:03:52","modified_gmt":"2023-03-31T18:03:52","slug":"slower-quarterly-price-growth-q4-2022","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/slower-quarterly-price-growth-q4-2022\/","title":{"rendered":"Slower quarterly housing price growth in Q4 2022"},"content":{"rendered":"
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While home prices have reached record highs, prices have started stabilising due to cooling measures<\/a>, rising interest rates and economic uncertainties.<\/p>\n

Marginal price increase for private residential properties<\/h2>\n

URA\u2019s real estate statistics for Q4 2022 revealed that private home prices rose by 0.4% last quarter, a marginal increase compared to the 3.8% increase in Q3.<\/p>\n

Wong Siew Ying, Head of Research and Content at PropNex Realty, highlighted that the 0.4% increase is the slowest quarterly growth since Q2 2020 when prices rose 0.3%.<\/p>\n

For the whole of last year, prices increased by 8.6%, lower than the 10.6% increase in 2021.<\/p>\n

According to Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, the price softening is in line with declining home prices in many countries such as Canada, Sweden, New Zealand and Britain. She also pointed out that prices of new homes in China fell the fastest in over seven years.<\/p>\n

\u201cCentral banks worldwide have hiked interest rates to tame inflation. Many countries are pushing up borrowing costs to guide their economies towards a soft landing. Real estate will inevitably be affected as households tighten their belts, and rising interest rates hold back some potential buyers.\u201d<\/p>\n

At the same time, Sun explained that despite the rising interest rates in Singapore, most buyers can still service their loans as they are not overleveraged<\/a>, given the stringent property curbs in place.<\/p>\n

\u201cTherefore, home values here are not facing as sharp a cooling as in many other countries.\u201d<\/p>\n