Dec 2023 new home sales weakest : The key takeaway from news today is that the Singapore property market experienced a significant decline in new private home sales in December 2023, marking the weakest year in 15 years.
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Summary of Dec 2023 new home sales weakest
- In December 2023, new home sales in Singapore hit their lowest point in 15 years, contributing to the weakest year for new home sales since 2008.
- The decline in sales was attributed to cautious developer behavior throughout the year, with developers refraining from launching new projects due to market cooling measures and subdued buying sentiment.
- Data from the Urban Redevelopment Authority (URA) for December 2023 showed a significant decrease in sales, with only 135 units sold, an 83 percent drop from November 2023.
- The entire year of 2023 saw a 9.1 percent decrease in new home sales compared to 2022, marking the lowest sales volume in 15 years.
- Regional trends indicated that the Outside Central Region (OCR) and Rest of Central Region (RCR) outperformed the Core Central Region (CCR) in new home sales in December 2023.
- Buyer preferences in 2023 leaned towards properties priced between S$1 million and S$2.5 million.
- Foreign demand for private homes remained subdued, accounting for only 3 percent of sales in December 2023.
- The outlook for the Singapore real estate market in 2024 varies, with some experts anticipating increased sales due to new project launches while others believe demand may weaken, particularly among HDB upgraders.
- Approximately 20 new projects are expected to be launched in 2024, adding about 10,000 new units to the market, with expectations of 7,000 to 8,000 new private homes to be sold. Visit a solid new launch web site such as https://newlaunchescondo.sg will help you find good products to invest or to buy a home !
This summary covers the significant points from the web page, highlighting the factors behind the decline in new home sales in December 2023 and providing insights into the regional sales trends and future outlook for the Singapore property market.