How was Singapore property market performing in 2023?

Between April 2022 and March 2023,

20,668 private homes (decreased by 32.9%) and 27, 941 public homes (decreased by 8%) were transacted.

738 commercial units (14.2% drop) were transacted.

Why suddenly fall?

Only 5,227 private homes were launched (30% dropped).

There was 32.4% drop in purchase by Singaporeans, 18.7% drop by permanent residents and 27.9% drop by companies, and 7.8% increase by foreigners.

Any reasons?

1. Residential property prices increased 28.1%.
2. Negative carry, where the cost of owning commercial units outweigh the returns.
3. Ecomonic uncertainties
4. Recent rounds of property cooling measures

Do you believe Singapore property price is sustainable with drops in transacted volume?

Do you believe foreigners have seen value in buying Singapore properties even though they are paying substantial additional buyer stamp duties, something that non-foreigners have taken for granted?