Number of Residential Units Transacted in First Two Months of 2022 from Latest Round of Property Cooling Measures

44 Miss Cheng Li Hui asked 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.

Mr Desmond Lee: The property cooling measures introduced in December last year are intended to promote a stable and sustainable property market, housing affordability and financial prudence.

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 the first quarter of 2022, compared to 5.0% in the fourth quarter of 2021. For the public housing market, the HDB Resale Price Index reflected a price increase of 2.3% in the first quarter of 2022 based on flash estimates, compared to 3.4% in the fourth quarter of 2021.

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.

The Government will continue to monitor the property market, with a view to promote a stable and sustainable market.