2Q 2023 – HDB Property Market

In 2Q2023, HDB resale prices experienced a modest uptick of 1.5% qoq following a 1.0% rise in the price index for the previous quarter. Nevertheless, this growth rate remains below the average quarterly increase of 2.5% observed in 2022, highlighting the effectiveness of the September 2022 cooling measures which were intended to circumvent the significant rise in prices brought about by construction delays in the HDB BTO market.

HDB resale volumes also fell 6.7% qoq with 6,514 flats transacted. This decline comes after a 5.8% growth in the previous quarter and marks the lowest level recorded since the Covid-19 “Circuit Breaker” in 2Q2020 when only 3,426 flats were sold.

Looking ahead, the HDB resale market is expected to stabilize following the government’s plan to release up to 13,000 BTO flats in the second half of 2023.