“There are encouraging signs that our efforts to stabilise the market are bearing fruit,” he adds, noting that resale prices for Housing and Development Board (HDB) flats rose by 4.8% in 2023, which is less than half of the increase in the year before and below pre-Covid-19 levels.
Build-to-order (BTO) flat application rates of first-time home buyers have also gone down and the growth of prices of private homes has moderated, he notes. In 2023, price growth in the private residential market stood at 6.8%, down from 2022’s 8.6%.
In addition, buyers are “increasingly prudent” in their housing purchases and will not overstretch themselves as domestic mortgage rates are expected to remain elevated for some time.
“I would like to thank our real estate stakeholders for your close partnership and constructive feedback regarding the property market. Lenders play a pivotal role – your financial support enables many Singaporeans to achieve their housing aspirations,” he says
Build-to-order (BTO) flat application rates of first-time home buyers have also gone down and the growth of prices of private homes has moderated, he notes. In 2023, price growth in the private residential market stood at 6.8%, down from 2022’s 8.6%.
In addition, buyers are “increasingly prudent” in their housing purchases and will not overstretch themselves as domestic mortgage rates are expected to remain elevated for some time.
“I would like to thank our real estate stakeholders for your close partnership and constructive feedback regarding the property market. Lenders play a pivotal role – your financial support enables many Singaporeans to achieve their housing aspirations,” he says
