SINGAPORE: Prices of resale Housing and Development Board (HDB) flats rose by 1 per cent in the first quarter of 2023. This increase is the smallest quarterly rise in the last 10 quarters, said HDB in a press release on Friday (Apr 28). According to the data released by HDB, the Resale Price Inde
“We see a widening disparity between the expectations of sellers and buyers. Homebuyers are reluctant to match the high asking prices of sellers because this could well mean paying higher cash-over-valuation,” said Mr Lim.
Ms Christine Sun, senior vice president of research & analytics at OrangeTee & Tie, attributed the slow resale price increase to a higher housing inventory, with more flats being completed and Build-To-Order launches. “Therefore, more buyers opted for smaller, affordable flats. The number of small flat transactions increased faster than for big flats. As a result, overall price growth slowed since smaller flats constituted a higher proportion of sales last quarter, and small flats usually fetch lower prices.”
Mr Lim said: “Going forward, as resale prices seem to have hit resistance levels, we expect the rate resale price increases to moderate over the year. For 2023, we may see HDB prices rise between 5 per cent to 7 per cent compared to 10.4 per cent over last year.”
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