A Look Back at the Singapore Property Market in 2022 and What to Expect for 2023

The property market in 2022 saw a rise in prices due to a low number of unsold units and high demand. Private property prices increased by 8.6% for the year, with muted growth of 0.4% in 4Q 2022 as there were no major non-landed launches.


The injection of new supply in 2022 was the lowest ever, with only 4,528 units launched for sale, less than half of the previous year’s 10,496 units. This limited the options for buyers, with only 16,152 unsold units in the market, well below the ten-year average. As a result, there was significant pent-up demand, leading to huge crowds at new project launches.

Despite a benchmark median price of more than $2,000 psf and rising interest rates, the first two major non-landed launches in 2Q 2022 were well-received, with more than 70% of units sold on launch day. The three launches in the OCR in 3Q 2022 also saw enthusiastic buying, with AMO Residence nearly selling out and Lentor Modern selling 84% of its units on launch day.

In 2022, developers sold 7,099 units, with the CCR selling 1,896 units, RCR selling 2,732 units, and OCR selling 2,471 units. Although this is 45.5% lower than the previous year, it is still a strong set of numbers considering the low number of units launched. Table 1 lists the top ten best-selling projects in 2022.


In 2022, the resale market had to catch up with the benchmark prices set in the new sale market. However, rising interest rates and tighter TDSR limits imposed a cap on buyers’ budgets, leading to a limited transaction volume for the year. The resale market saw 14,026 units transacted, a decrease of 29.7% compared to 2021.


Foreign demand accounted for 4.3% of home purchases in Singapore in 2022. The top five nationalities purchasing homes in Singapore were China, Malaysia, India, USA, and Indonesia.

Of the total transactions, 40.1% were priced below $1.5 million, 22.8% were between $1.5 million and $2 million, and 37.1% were above $2 million. Singaporeans with PRs made up 79.1% of purchases, while foreigners accounted for 4.3% and 16.1% were made by Singaporeans.


There were two EC launches, Copen Grand and Tenet in 4Q 2022. Both launches achieved very strong sales on launch day. Copen Grand is fully sold just one month after launch while Tenet has sold more than 93% of its units after one month.

The desire among HDB upgraders to upgrade to an EC is very strong. It offers upgraders an attractive alternative. Furthermore eligible buyers had the option of opting for a deferred payment scheme and avoid the high interest rates currently. Hence it is no surprise to see such strong results.

There may be one EC launch in 2023 along Bukit Batok West Avenue 8. With very low level of unsold EC units, this EC project should do well.


Singapore’s economy in 2022 grew by 3.8% YoY, surpassing the official forecast of up to 3.5%, with the government predicting that Singapore will avoid a recession in 2023, which relies heavily on external factors.

In 2023, the market will have 10,000 to 12,000 new homes spread across 40 launches, with 20% located in the Core Central Region, 50% in the Rest of Central Region, and 30% in the Outside Central Region.

The first launch in 2023, Sceneca Residence, achieved a strong sales result on launch day, with 60% of units sold. The starting price of $958,000 for a one-bedroom unit and $1.33 million for a two-bedroom unit attracted buyers and the smaller units are fully sold.

Enquiries and viewings by Chinese buyers have risen after the relaxation of border controls. The level of unsold stock in the market is at 16,152 units, which is lower than in the previous trough in 2Q 2017.

The property market will likely see new sales of 9,000 to 10,000 units in 2023. With stable land prices, and the luxury segment of the market will benefit from Chinese demand.

Depending on new government policies, higher construction costs and low unsold supply in the market may add upward pressure by up to 5% in 2023.

In conclusion, the Singapore property market in 2022 has shown positive growth and strong demand, with new launches and increasing interest from Chinese buyers. If you are interested in buying or selling property in Singapore, now is a great time to get involved. Contact us today to discuss your property interests and explore the available options in the market. Our team is ready to assist you in making the best decisions for your property goals.

Need an opinion on your property investment plans, the best buys available today or help marketing your properties?

Get a 1-time free Property Wealth Planning (PWP) consultation with Lushhome Property Wealth Planners.

A PWP consultation includes:

– An in-depth financial affordability assessment and timeline planning

– Has your property stagnated or dropped in price? What options do you have?

– Highly relevant investment insights on the current and long term property market

– A clear and customised investment road map to fulfil your dreams and life goals

– A curated list of best buys in today’s market with good growth potential, minimal risks and long term exit strategies

Selecting units with the highest potential in a new launch project

Advice on marketing and getting a buyer for your property fast

Follow us on Instagram or Facebook, or Whatsapp us now for any enquiries.

Join The Discussion

Compare listings