Private home prices to cool off at 4%-7% in 2023: experts

Meanwhile, expect more buyers to return once the interest rate stabilised in the second half.

Expect the prices of Singapore's newly-built private homes to rise by 4% to 7% in 2023, slowing from the 8.6% growth in 2022, OrangeTee stated in their report.

However, the government's measures to cool down prices might dampen the demand and allow the completion of more homes and housing supply to catch up.

The real estate experts also expect potential buyers to experience less interest rate volatility and increased stability in borrowing costs as the Federal Reserve recently slowed down the rate hikes due to the fallout of several big banks amidst recessionary fears.

"If interest rates stabilise and ease from the second half of this year, more buyers may return to the market," OrangeTee said.

But experts said the banking crisis would not affect Singapore's property market as most homebuyers obtain housing loans from local banks.

Price gains might slow down in 2023, but it would benefit first-time buyers and HDB upgraders buying their first private homes.

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