Singapore’s property market is forecasted to be more balanced and conservative in 2014. It is predicted that the number of new home units to be sold in 2014 will be around 13,000 – 14,000 units. This is a decline from an estimated 16,000 units sold this year.
After the constant rise in residential prices for the past 4 years, prices are forecasted to drop in 2014. This means the prices of private residential properties could drop up to 10%.
It is also observed that the gain in the URA’s Property Price Index (PPI) has been more stable, as a result of the series of cooling measures in which the government has been introducing from 2009 onwards.
Developers revealed that the sale of private residential properties decreased by a significant 30% from January 2013 – November 2013 (this excludes the number of ECs sold) compared to the same time period in 2012.
In conclusion, it is expected that an estimated 16,000 units of new homes will be sold by the end of this year. This is a 30% decrease from last year’s 22,698 units.