Singapore private resale volume drops to 3-year low of 2,586 units in Q4

Resale transactions declined by 12.5% from the previous quarter.

Residential resale volume in Singapore slipped in Q4 2023 owing to slower sales during the year-end lull, macroeconomic uncertainty and elevated interest rates. 

A report from OrangeTee cites URA Realis data which show that 2,586 resale homes (2,288 non-landed, 298 landed) excluding EC were sold in Q4 2023, slipping by 12.5 per cent from 2,957 units (2,559 non-landed, 398 landed) in Q3 2023. 

“Last quarter registered the lowest quarterly resale transactions since Q2 2020, when only 943 resale homes were sold,” the report said.

Here’s more from OrangeTee:

Resale volume in the CCR dropped by 7.9 per cent from 504 units in Q3 2023 to 464 units in Q4 2023, while those in the RCR declined by 10.1 per cent from 880 units to 791 units during the same period. Resale transactions in the OCR dipped the most by 15.4 per cent, from 1,573 units in the third quarter to 1,331 units in the fourth quarter of 2023. 

For the whole of 2023, resale volume dipped by 18.4 per cent from 14,003 units in 2022 to 11,426 units. This is the lowest resale volume in three years since 2020 when 10,800 units changed hands. The number of resale transactions in 2023 is also lower than the five-year average of 13,353 units from 2018 to 2022.