According to the Real Estate Sentiment Index (RESI) released by the Institute of Real Estate and Urban Studies (IREUS) of the National University of Singapore, the current sentiment index fell from 5.3 in the fourth quarter of last year to 4.7 in the first quarter of this year; the future sentiment index also fell from 4.9 to 4.5.

The Composite Sentiment Index, which reflects the overall real estate market, therefore fell from 5.1 to 4.6 in the third quarter.

The real estate cooling measures introduced in December 2021, coupled with the U.S. Federal Reserve's ongoing interest rate hikes, have contributed to a downward trend in the local real estate sentiment index since early 2022, said Wenlan Qian, director of the NUS Institute of Real Estate and Urban Research.

The report also said that more developers are cautious about the outlook as the government raises the additional buyer's stamp duty.

Among them, developers who expect to launch more new units in the next six months decreased by 6 percentage points from the previous quarter to 41%; developers who expect the selling price of new units to rise moderately remained unchanged from the previous quarter.