The latest news shows that private home prices have finally fallen after 12 quarters of increase since the first quarter of 2020!

According to the data given by the authority, private home prices fell by 0.4 per cent in the second quarter of 2023, and public housing, as per estimates, grew by just 1.4 per cent, below the 2.5 per cent quarterly average for 2022.

Although HDB resale prices improved slightly, after all, a resale deal just set a new Singapore record in June. But overall house price growth became slower. ‍‍‍‍‍‍‍‍‍‍‍‍ ‍‍‍‍‍‍‍

Singapore's Minister for National Development, Lee Chi-singdu, also said in his Facebook post that the property market is gradually easing.

He also said that the Singapore government will continue to increase the supply of housing to meet demand and is on track to launch 100,000 units between 2021-2025. They will also continue to keep an eye on the current property market. Policies will be adjusted as soon as necessary.

In addition, more new homes will be delivered in the second half of the year as the number of arrivals is levelling off. So it is expected that rents are about to fall back in the second half of this year.