Private residential price growth eases to 6.8% in 2023

In 2022, prices rose by 8.6%.

The growth of private residential prices eased in 2023, growing by 6.8%, lower than the 2022 record of 8.6%.

Landed and non-land properties also saw a moderation in their respective price growths. In 2023, prices of landed properties rose by 8.0% (vs 9.6%), whilst non-landed properties rose by 6.6% (vs 8.1%).

Meanwhile, rentals of private residential properties increased by 8.7% in 2023, a significant moderation from the 29.7% increase in 2022.

In 2023, developers launched 7,551 uncompleted private residential properties for sale, up from the 4,528 units in 2022.

Whilst more units were launched for sale in 2023, the year saw fewer units sold than in 2022 at 6,421. Last year, developers sold  7,099 units.