“Buy land, they are not making it anymore,” said Mark Twain years ago and it seems Singaporeans too are considering investing in the real estate as best interest. According to the Urban Redevelopment Authority of Singapore, Prices of private residential properties increased by 0.4% in 4th Quarter 2022, compared with the 3.8% increase in the previous quarter. For the whole of 2022, prices of private residential properties increased by 8.6%, compared with the 10.6% increase in 2021.Also, as per the organisations statistics, the price of landed properties rose 0.6% in fourth quarter 2022, compared with the 1.6% spurt in the previous quarter. Prices of non-landed properties rose 0.3% in fourth quarter 2022, compared with the 4.4% rise in the previous quarter. For the entire 2022, prices of landed properties rose by 9.6% while those of non-landed properties rose by 8.1%, SURA stated.What about the non-landed properties of Singapores real estateSURA also revealed that prices of non-landed properties in Core Central Region (CCR) increased 0.7% in the fourth quarter of 2022, compared with the 2.3% increase in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased 3.1%, against 2.8% rise in the previous quarter and non-landed properties rates in Outside Central Region (OCR) fell 2.6%, compared with the 7.5% rise in the previous quarter. For the whole of 2022, prices of non-landed properties in CCR, RCR and OCR increased by 4.8%, 9.7% and 9.3% respectively, SURA said.In Singapore, rentals of private residential properties gained a considerable 7.4% in the fourth quarter of 2022, compared with the 8.6% growth in the third quarter. For the whole of 2022, rentals of private residential properties increased by 29.7% compared with the 9.9% increase in 2021. For the whole of 2022, rentals of non-landed properties in the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) increased by 28.2%, 30.3% and 31.8% respectively.During the fourth quarter, as per SURA, around 504 unfinished private residential units were launched for sale against 1,455 units in the third quarter. In 2022 full year, almost 4,528 uncompleted private residential properties were put on sale by developers compared with 10,496 units in the previous year.For the whole year, as per SURA, developers sold 7,099 private residential units compared with 13,027 units in the previous corresponding period.Not only this, on the basis of expected completion dates reported by developers, around 19,291 units will be completed in 2023 while 12,824 units will be finished in 2024.
