Singapore’s housing market, running hot just a few years ago, is starting to cool off. Prices for private-sector property jumped by 6.8% in 2023, slower than the 8.6% recorded the year before. Resale prices for the city’s world-class public housing are also moderating, jumping just 4.8% in 2023, compared with 10.4% in 2022.
While that may be good news for Singaporeans looking for a new place to live, it’s been harder on the city’s property companies and real estate developers, several of which reported steep drops in profit as the Singaporean government tried to get the market under control.
