October 2023 Resale Condo Prices Up 0.4 Percent; Volume Recovers Slightly

October 2023 Resale Condo Prices Up 0.4 Percent; Volume Recovers Slightly

October 2023 resale condo prices edged up 0.4 percent, lower than 0.8 percent in September and 0.9 percent in August.

Meanwhile, the October resale condo volume recovered slightly, up 14.7 percent between September and October.

October 2023 Resale Condo Prices

October 2023 Resale Condo Prices

October 2023 Resale Condo Volume

October 2023 Resale Condo Volume

A Snapshot of October 2023 Resale Condo Market

  • Resale condo prices were up 1.9 per cent in the rest of central region (RCR) and 2.5 per cent in the outside central region (OCR), but fell 1.5 percent in the core central region (CCR).
  • Overall prices increased by 7.5 per cent compared with October 2022.
  • Despite the gains in RCR and OCR amid difficult market conditions (high prices and interest rates), prices are seen peaking due to an increase in market supply and vacancy rates.
  • The hefty increase in additional buyer’s stamp duty (ABSD) has continued to weigh on the CCR segment among investors and foreign buyers.
  • Buyers of resale condos are resisting higher prices while adjusting their budgets as mortgage rates remain firm.
  • Year-to-date resale condo prices have increased by 6.3 percent.
  • Average unit prices of resale condo transactions in October rose in all regions versus September - RCR +4.7 per cent to $1,788 psf, OCR +2.3 percent to $1,418 psf, and CCR +1.8 percent to $2,068 psf.
  • About 95.5 percent of CCR resale condos were transacted at below $5 million in October, up from 90.4 percent in September.
  • With CCR home prices staying relatively flat, it attracted some opportunistic buyers, spurring more transactions in the process and pushing up the volume by 25.4 percent in October.
  • An estimated 838 resale units were transacted in October, up from 731 in September - about 51.8 percent of the units in OCR, 29.4 percent from RCR, and 18.8 percent from CCR.
  • Compared with October 2022, the volume is lower by 9.2 percent, and 12.7 percent lower than the five-year average volume for October.
  • The overall median capital gain for resale condos rose by $6,000 from September to $350,000 in October. Districts 15 and 20 posted the highest gains at $667,000 and District 1 had the lowest at minus $98,000.
  • Of the nine transactions linked to foreigners, seven were from the United States, and one each from Switzerland and Oman. Under existing free trade agreements, buyers from the US and Switzerland are exempted from paying ABSD for their first residential property in Singapore.
  • Singaporean and Singapore permanent residents are expected to continue to dominate the market, accounting 98.9 percent of non-landed private home resale transactions.
  • Moderate growth in resale home prices is expected in the coming months, weighed by the restrictive ABSD rates for investors and foreigners, elevated interest rates and macroeconomic uncertainties.
    The increase in BTO flats supply will also lead to more choices for buyers.
  • Nevertheless, the growing price gap between resale condos and new-launch condos, as well as resilient owner-occupier demand from local home buyers, are expected to provide some support.


Upcoming Property Launches

Meanwhile, the following are some upcoming property launches. For the latest updates, please WhatsApp Me.

Core Central Region


Rest of Central Region


Outside Central Region

For more details on new launches, you can find them in project information.


Posted in Property News.

Hi, I'm Lance Kuan, an Associate Marketing Manager at Huttons Asia Pte Ltd, one of the largest property agencies in Singapore (Registration No. R062704Z).

With almost 30 years of experience in banking, investment and market analysis, I now find immense pleasure in helping others in property investment and asset progression.

My blog - Sg Home Investment - offers essential property reviews, research and guides to help buyers make an informed investment decision. Please feel free to WhatsApp Me if you have any queries about the real estate market in Singapore.