172 views
Photo by Shi Min from Unsplash

Private houses’ prices index drops 1.4% MoM in December 2023

Property price is expected to fall by 5% - 10% in 2024.

The Private Domestic Property Price Index for January 2024 dropped 1.4% month-on-month to 312.1 in December 2023, with the overall residential price also declining 6.8% for 2023, Colliers reported.

In 2023, the overall private residential property prices were under pressure due to the high-interest rate environment.

Transactions of first-hand private residential stood at 10,750 representing a 4% increase from 2022, but is still the second lowest in the last 10 years.

For second-hand residential units, the volume recorded was 32,300 representing a record low in 33 years.

ALSO READ: Landlords to face reduced rental income amidst looming property tax hike

Meanwhile, overall rents increased by 6.6% in 2023, posing a contrast to the property price trend.

For 2024, Colliers predicts that the property price will continue to fall by 5% to 10%. 
 
“Looking forward to this year, property price trends will continue to be impacted by interest rates, first-hand sales, policy effectiveness and land sales. In terms of residential supply, there are currently over 50,000 first-hand new units that have been approved, unsold, pending pre-construction applications, which requires around three years to digest the total market supply, given an average of 16,000 units sold in the past 10 years,” Kathy Lee, Head of Research at Colliers Hong Kong said.

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!