Written Answer by Ministry of National Development on number of residential units transacted in the first two months of 2022, in view of the latest round of property cooling measures
Apr 4, 2022
Miss Cheng Li Hui: To ask the Minister for National Development in view of the latest round of property cooling measures (a) what is the number of residential units transacted in the first two months of 2022; (b) whether the measures have resulted in a significant drop in such transactions; and (c) whether the measures have achieved its policy intent so far.
Answer:
1 The property cooling measures introduced in December last year are intended to promote a stable and sustainable property market, housing affordability, and financial prudence.
2 There are early signs that the measures may have moderated the pace of price increase in the housing market. Based on URA’s latest flash estimate of the Property Price Index, prices increased by 0.4% in 1Q2022, compared to 5.0% in 4Q2021. For the public housing market, the HDB Resale Price Index reflected a price increase of 2.3% in 1Q2022 based on flash estimates, compared to 3.4% in 4Q2021.
3 The number of residential units transacted in the first two months of 2022 was around 3,400 and 4,500 for private housing and HDB resale flats respectively. Compared to the same period in 2021, the volume of transactions has decreased by 43.1% and 8.1% for private housing and HDB resale flats respectively.
4 The Government will continue to monitor the property market, with a view to promote a stable and sustainable market.