According to data from the Urban Redevelopment Authority in Singapore, private residential sale prices have been rising for six consecutive years, but the rate of increase is slowing down. In 2022, prices increased by 8.6% year-on-year, lower than the 10.6% increase in 2021. Resale prices of public housing (HDB flats) increased by 10.4% year-on-year, lower than the 12.7% increase in 2021. This indicates a clear sign of a market slowdown.

Lawrence Wong, Minister for National Development in Singapore, stated that both the public and private housing markets show signs of stability, and housing prices in Singapore will not rise endlessly. The government has also formulated a series of measures and plans to balance the supply and demand in the housing market, improve housing quality, protect heritage and ecology, and consider the well-being of future generations.

To address the issue of imbalanced supply and demand in the market, the government has been working to increase housing supply, including both public and private housing. The government has pledged to launch 100,000 BTO (Built-To-Order) flats between 2021 and 2025. As of 2023, around 63,000 flats have been launched, with plans to release 19,600 in 2024.

The government has also released a significant number of private residential units under the Government Land Sales program to meet market demand. Under government regulation, Singapore's housing market is beginning to show signs of stability. The BTO application rate has stabilized, with a first-time applicant rate of 1.9 persons per flat in 2023, lower than the 3.7 persons in 2019.

Additionally, the government has implemented a series of cooling measures, such as raising the Additional Buyer's Stamp Duty (ABSD) rates and reducing the loan-to-value limits for Housing Development Board (HDB) loans, to prevent the formation of a market bubble.

Despite the cautious outlook for the real estate market in the face of the forecasted economic slowdown in Singapore in 2024 and global geopolitical tensions, experts expect the Singapore real estate market to continue its upward trend, although the rate of increase may be narrower than in previous years.

In order to meet future housing demands and improve housing quality, the government has formulated some long-term housing development plans. These include introducing new housing models and undertaking major land reclamation projects, such as the "Long Island" project developed near East Coast Park, involving 800 hectares of reclaimed land for residential and other facility construction, aimed at meeting Singapore's future land needs and reducing flood risks in the East Coast region.