Private property prices in Singapore gained pace in the fourth quarter but moderated for the full year.
The index of private residential property prices rose 2.7% in the fourth quarter versus a 0.8% gain in the prior quarter, the Urban Redevelopment Authority said in its flash estimates.
For 2023, prices rose 6.7%, easing from the 8.6% gain recorded in the previous year.
Property sales hit an eight-year low in 2023 with sales transaction volumes up to mid-December totaling 18,510 compared with 21,890 in 2022.
URA said it expects global economic activity to ease further this year, and for domestic mortgage rates to remain elevated.
“Households should continue to exercise prudence when taking on new financial commitments, including long-term mortgage debt servicing obligations,” it said.