2023 Singapore Property Market Review

In 2023, Singapore’s housing market faced uncertainties due to geopolitical tensions, including conflicts such as the US-China relations, the Russia-Ukraine war, and the Israel-Hamas conflict, contributing to a global economic slowdown. Despite moderated interest rate hikes, high property acquisition costs persisted, coupled with inflation and GST raises, leading to reduced urgency among property buyers and sellers. The property cooling measures introduced in April further impacted the market, with a 60% ABSD for foreign buyers and higher rates for Singapore Citizens and Permanent Residents purchasing second or subsequent properties. These factors led to a cautious approach in property transactions, affecting both homebuyers and investors. The Singapore rental market also saw a decline in asking rents throughout the year as more new projects were completed and domestic demand eased.