This round of property cooling measures surprised some market watchers, coming only seven months after the previous round in September 2022. Before that, another round of measures had taken place in December 2021.
Still, there were warning signs that the property market had shrugged off those earlier moves. Last year, private property prices still ended higher, up 8.6 per cent, following on from a 10.6 per cent rise in 2021. Most recently, the private residential property price index for the first quarter of 2023 moved up 3.3 per cent, compared with only a 0.4 per cent rise in the previous quarter. This was probably an indication that the market was out of sync with the Singapore economy, which contracted by 0.7 per cent in the same first quarter.
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