Private housing price growth slows to 0.2% in 4Q2022 as sales volume falls: Mori Condo (SEO)

SINGAPORE (EDGEPROP) - Private residential property prices grew by 0.2% q-o-q in 4Q2022, according to flash estimates released by URA on Jan 3. This marks a slowdown from the 3.8% increase recorded the previous quarter and brings total price growth for the whole of 2022 to 8.4%, easing from the 10.6% growth logged in 2021. The slower price growth comes on the back of a decline in private housing sales. Sale transaction volume fell in 4Q2022 by about 49% q-o-q and about 60% y-o-y. For the whole of 2022, sale transaction volume fell by 36% y-o-y. The lower sales volume in 4Q2022 is in line with the absence of major private residential launches, says Lee Sze Teck, senior director of research at Huttons Asia. “An estimated 500 to 600 units were launched for sale in 4Q2022 – the lowest quarterly launch volume since 1Q2003 when only 506 units were launched for sale,” he notes. On a full-year basis, an estimated 4,500 to 4,600 units were launched in 2022, which is less than half of 2021’s launch volume of 10,496 units.

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Nicholas Mak, head of research and consultancy at ERA Realty Network, adds that the lower transaction volume follows a dimmer macroeconomic outlook amid interest rate hikes and inflationary pressures, as well as new property cooling measures that may have impacted home buyers' decision-making. Private housing price growth in 4Q2022 was predominantly driven by landed properties, which saw prices rise 0.5% q-o-q – moderating from the 1.6% price growth recorded for the landed segment in the previous quarter. For the whole of 2022, the landed segment posted a price increase of 9.5%, easing from the 13.3% increase in 2021. Non-landed properties registered a price growth of 0.1% q-o-q in 4Q2022, slowing from the 4.4% increase achieved in 3Q2022. This brings full-year price growth for non-landed properties to 8%, lower than the 9.8% increase in 2021.

Meaning wood or forest in Japanese, MORI is inspired by the modern Wabi-Sabi philosophy. Wabi-Sabi is an appreciation of the elegant beauty of nature and a way of living that embraces the meaning and value of time.

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