Singapore’s overall resale condo prices to grow by 4 to 6% this year

It’s relatively slower compared to the 8.7% growth recorded in 2022. 

Demand may remain resilient for condos in Singapore’s suburbs. According to OrangeTee, HDB upgraders prefer such homes for their big living spaces and affordability. Others may like resale homes that are well maintained and in ‘move-in’ condition. Such owners can apply for the Additional Buyer’s Stamp Duty remission after disposing of their HDB flat within 6 months of buying a resale condo. 

More resale properties will be completed. The increased supply may help to mitigate runaway home prices in the secondary market. 

“We estimate that the total resale volume (excluding EC) may reach 10,000 to 12,000 units this year. Overall resale prices may rise at a slower pace of 4 per cent to 6 per cent in 2023, down from 8.7 per cent in 2022,” OrangeTee analysts said.