The real estate buying frenzy seems be cooling off. Six months after the government implemented a broad package of property cooling measures to tighten lending limits for housing loans and moderate demand, the HDB resale market is showing more signs of cooling as price gains weakened further and sales demand stabilised in Q1 2023. Last quarter’s market performance indicates that the property curbs were effective in tempering market exuberance and slowing price growth. According to HDB data for Q1 2023, resale prices climbed marginally by 1 per cent quarter-on-quarter (q-o-q), marking a third consecutive quarterly price slowdown.