According to data released by the Housing Development Board of Singapore, HDB resale prices rose by 10.3% in 2022 compared to 2021, but the increase for the year as a whole slowed down by 12.7% compared to the previous year.

Perhaps influenced by the rising sale prices, the resale price index for the fourth quarter of 2022 stood at 171.1, with 6,474 HDB flats changing hands, 15.4% less than the same period the year before.

Similarly, the number of transactions for the year 2022 also decreased compared to 2021, with a total of 27,773 transactions, a decrease of 9.7%.

In response to this situation, HDB also plans to launch up to 23,000 HDB flats this year in response to demand, and will even increase the total number of flats to be launched between 2021 and 2025 to 100,000 if necessary.

Next month, HDB will launch 4,400 rental flats in Jurong West, Kallang Whampoa, Queenstown and Tengah.

In May, 3,800 to 4,800 pre-purchase HDB flats will again be available for purchase in Bedok, Kallang Whampoa, Queenstown, Serangoon and Tengah.

In addition, it is not only HDB resale prices that have risen for the 11th consecutive quarter in Singapore, but local private residential prices have not been shy to follow suit.

According to data released by the Urban Redevelopment Authority, the overall price of private homes rose by 0.2 per cent in the fourth quarter of 2022 and 8.4 per cent for the year, but again the increase slowed down compared to 2021.