Fraud Blocker
Your search results

HDB Market Outlook 2023

Posted by Jayson Ang on January 8, 2023
| 0

TLDR: Understanding the HDB Market Outlook 2023

The HDB resale market showed resilience in 2022, with significant growth in sales and prices driven by factors like economic recovery and delays in new BTO flat completions. Despite cooling measures, prices are expected to remain relatively stable in 2023, with a forecasted growth rate of 6 to 8%. Demand will be supported by housing grants for first-time buyers. Additionally, million-dollar HDB resale transactions are on the rise, particularly in prime locations. The market is expected to see continued activity with fewer MOP flats entering the market compared to 2022.

Overview

The HDB resale market remained resilient in 2022, with more than 24,000 units resold in the first 11 months of 2022. Meanwhile, HDB resale prices are expected to post another year of double-digit growth.

The economic recovery, delays in the completion of new BTO flats, and a large supply of flats exiting the minimum occupation period (MOP) were all factors that have contributed to driving sales and price growth in 2022.

HDB Resale Market Outlook

  • Despite the recent cooling measures – aimed at encouraging home buyers to be more prudent with property purchase amid high interest rates – HDB resale prices are not likely to see a significant downward correction, as the tight resale stock and stable demand will help to keep prices relatively steady. PropNex projects HDB resale prices could rise by 9% to 10% for the whole of 2022, slowing from the 12.7% growth in 2021.
  • The temporary 15-month wait-out period intro- duced as part of the latest cooling measures will moderate demand for larger flats, especially flats in prime locations. For first-timer buyers, this helps to level the playing field by easing demand from private home downgraders, who tend to have a greater financial ability to pay a higher price for resale flats.
  • In 2023, HDB resale prices may grow at a slower pace following two years of robust performance. Together with the cooling measures and some price resistance setting in, this may slow the pace of the overall price increase. PropNex forecasts that HDB resale prices may grow by 6 to 8% in 2023.
  • With fewer MOP flats entering the market in 2023 compared to 2022, the available stock for resale could remain tight. PropNex expects the HDB resale volume to come in at around 27,000 to 28,000 flats in 2023. Demand will continue to be driven by those with more pressing housing need as well as families who do not wish to wait 3-5 years to get a BTO flat. Notably, eligible first-time buyers can also receive up to $160,000 in housing grants from the government, making HDB resale units attractive to Singaporean households.

Transactions and Prices

  • As of Q3 2022, the HDB resale price index has grown by nearly 8% from the end of 2021.

  • By flat type, the average resale price of 3-room HDB resale flats rose from 2021 to 2022 to $388,000, while that of 4-room and 5-room HDB resale flats increased to $548,000 and $654,000 respectively.

  • An estimated 31,325 flats have completed their 5-year MOP in 2022, possibly injecting fresh supply of units to the resale/rental market. In 2023, about 15,700 HDB flats are likely to attain MOP – substantially lower than the MOP stock in 2022.
  • The HDB estates that clocked the most resale trans- actions in 2022 were in non-mature towns such as Sengkang, Yishun, and Punggol – more than 2,100 flats in Sengkang were resold in the first 11 months of the year – being popular among home buyers due to their more affordable pricing and a wider selection of units.

Million Dollar HDB Resale Transactions

  • In the first 11 months of 2022, more than 340 HDB flats were resold for at least $1 million – already surpass- ing the record 259 deals done in the whole of 2021.
  • Most of these million-dollar flats are either located in prime mature estates or have fairly large floor areas which contributed to their hefty price tags. The HDB towns of Central Area, Bishan, Toa Payoh and Bukit Merah had the highest number of million-dollar resale flat deals in 2022. The most expensive resale flat sold in 2022 was a 5-room flat at SkyTerrace @ Dawson that went for $1.418 million in July.

Wondering What Move To Make In The Real Estate Market?

Whether it’s time to buy or sell, or if it’s best to wait, the decision can be confusing.

Keep in mind that everyone’s situation is different, and it’s important to consider your own unique circumstances before making a decision.

But don’t worry – my data-driven approach and years of on-the-ground experience will help provide clarity to you.

Whether you’re a first-time homebuyer or an experienced investor, we will take a systematic and goal-oriented approach to ensure you make the right decision.

I can help you by :

  1. Providing Strategic Property Advice – will ensure you have the right plan to guide you in your property journey.
  2. Finding the ideal buyers for your home – use of high quality photography, excellent response rate, and a deep knowledge of buyers gives us the edge to showcase your property in the best way possible, helping you meet your goals.

You May Also Like …


What Hidden Costs Are There When Selling Your House?
All Blog Posts Buying Tips

What Hidden Costs Are There When Selling Your House?

TLDR When selling your house, be prepared to cover expenses such as outstanding home loans, legal fees, property agent commissions,...
Read More
Singapore Private Residential Market Outlook 2023
All Blog Posts

Singapore Private Residential Market Outlook 2023

TLDR The Singapore residential property market has shown resilience in 2022, with price growth in both private housing and HDB...
Read More
6 Factors Making Singaporean Properties Difficult to Sell (Even in a Strong Market)
All Opinion Selling Tips

6 Factors Making Singaporean Properties Difficult to Sell (Even in a Strong Market)

TLDR Properties in Singapore may linger on the market due to several key factors. Small boutique developments face price volatility,...
Read More
5 Facilities Selling Points Condo Sellers Should Emphasize To Entice Potential Buyers
All Blog Posts Buying Tips

5 Facilities Selling Points Condo Sellers Should Emphasize To Entice Potential Buyers

TLDR When selling a condo, focusing on highlighting key facilities like gyms, swimming pools, family-friendly amenities, community gardens, and clubhouse...
Read More
Integrated Developments and Condo Values: A Look at Sengkang Grand Residences
All Buying Tips Opinion Selling Tips

Integrated Developments and Condo Values: A Look at Sengkang Grand Residences

TLDR The impact of the new integrated development, Sengkang Grand Residences, on nearby condo prices was studied by comparing it...
Read More
I Decided to Pay the Additional Buyer’s Stamp Duty to Purchase a Condominium While Retaining My HDB: My Reasons
All Blog Posts Buying Tips Opinion

I Decided to Pay the Additional Buyer’s Stamp Duty to Purchase a Condominium While Retaining My HDB: My Reasons

TLDR Despite a 20% Additional Buyer’s Stamp Duty (ABSD) for second properties in Singapore, Yang chose to hold onto his...
Read More
The 99-to-1 Property Split Strategy: Legality and Risks
All Opinion

The 99-to-1 Property Split Strategy: Legality and Risks

TLDR The 99-to-1 property ownership split in Singapore, where one spouse holds 99% and the other 1%, is used to...
Read More
Top 5 Museums in Singapore for Art and History
Mandarin Top 5

Top 5 Museums in Singapore for Art and History

Singapore, known for its vibrant culture and rich history, is home to a plethora of museums that cater to art...
Read More
What is Your Next Step in the Property Market?
All Buying Tips

What is Your Next Step in the Property Market?

When you flip open the papers or turn on the news nowadays, the common buzzwords are "INFLATION", " INTEREST RATE...
Read More
Are You Considering Paying Off Your Mortgage Loan Ahead of Time? Is It the Right Financial Move?
All Blog Posts Buying Tips

Are You Considering Paying Off Your Mortgage Loan Ahead of Time? Is It the Right Financial Move?

TLDR When considering mortgage options in Singapore, it's essential to understand the differences between HDB loans and bank loans. HDB...
Read More
Which Is Better For You: A 99-Year Leasehold Or Freehold Property Tenure?
All Blog Posts Buying Tips

Which Is Better For You: A 99-Year Leasehold Or Freehold Property Tenure?

TLDR When it comes to the choice between leasehold and freehold properties in Singapore, several factors must be considered. Leasehold...
Read More
Transaction Volumes Remained Subdued Due To The Dearth Of Inventory In Q4 2022
All Reports

Transaction Volumes Remained Subdued Due To The Dearth Of Inventory In Q4 2022

TLDR The Urban Redevelopment Authority (URA) Flash Estimates for Q4 2022 show a 0.1% increase in non-landed private home prices...
Read More
Buying a Second Property – 3 Key Factors to Consider
All Blog Posts Buying Tips

Buying a Second Property – 3 Key Factors to Consider

TLDR When navigating the complexities of purchasing a second property in Singapore, ensure you meet eligibility criteria, consider affordability factors...
Read More
What to Do Before Exercising Option to Purchase?
All Blog Posts Buying Tips

What to Do Before Exercising Option to Purchase?

TLDR Home buyers are advised to thoroughly research property values using online tools, secure an ideal home loan package early...
Read More
Top 5 : Best Themed Cafes in Singapore
Mandarin Top 5

Top 5 : Best Themed Cafes in Singapore

Singapore, a vibrant and diverse city, is known for its eclectic mix of cultures, cuisines, and attractions. Among the many...
Read More
Top 5 Places to Watch Fireworks in Singapore
Mandarin Top 5

Top 5 Places to Watch Fireworks in Singapore

Singapore is known for its stunning skyline and vibrant celebrations, especially during events like National Day and New Year's Eve....
Read More
Calculating Your Property’s Annual Value in Singapore 2024: A Simple Guide!
All Blog Posts

Calculating Your Property’s Annual Value in Singapore 2024: A Simple Guide!

TLDR Understanding your property's annual value is crucial for determining property taxes in Singapore. The annual value is based on...
Read More
How En-Bloc Sales of Condominiums Turned into a Speculative Exit Strategy in Singapore
All Buying Tips Opinion

How En-Bloc Sales of Condominiums Turned into a Speculative Exit Strategy in Singapore

TLDR En-bloc sales—where owners collectively sell an entire property for redevelopment—have become a key feature of Singapore’s private property market,...
Read More
Finding Your Dream Home In The Near Future. Exciting Upcoming Property Launches In The First Half Of 2024
All Reports

Finding Your Dream Home In The Near Future. Exciting Upcoming Property Launches In The First Half Of 2024

TLDR The real estate sector in 2023 saw significant policy shifts affecting both private and public housing, with various changes...
Read More
The Dilemma of Retaining Your HDB Flat While Owning a Condo in Singapore (2025)
All Buying Tips Opinion

The Dilemma of Retaining Your HDB Flat While Owning a Condo in Singapore (2025)

TLDR Singaporean citizens can own both an HDB flat and a condominium if the HDB was purchased first and after...
Read More
1 … 3 4 5 6 7 … 36

Compare Listings