PropertyGuru's "Singapore Real Estate Outlook 2023" report points out that the HDB resale price index has increased for ten consecutive quarters.

Among them, the HDB resale price index rose 2.6% quarter-on-quarter in the third quarter of this year, and 11.6% year-on-year.

The Urban Renewal Authority's private residential property price index also rose for the tenth consecutive quarter.

The report predicts that property prices are likely to remain at current levels or increase slightly in the first half of 2023 as property demand is likely to slow next year due to the uncertain global economic and geopolitical environment.

However, this could change if the economy is hit by unforeseen shocks, and some sellers may lower their asking prices.