Property market continue to stabilise despite price increase

The National Development Minister said that although there may be variations quarter-on-quarter in the resale price of private homes and Housing Board properties, the authorities are expecting the market to remain stable.

The government will be watching trends closely over the next few months.

In the first quarter of 2024, HDB resale prices increased by 1.8 percent, compared to the previous quarter’s 1.1 percent. According to the figures released by statutory board, this was the 16th quarter in a row of price increases since the second quarter 2020.

According to figures released by the Urban Redevelopment Authority, the price of private residential properties rose 1.4% in the first three months.

There will be seasonal and quarterly fluctuations in the (HDB) resale price. If you compare the resale prices year-by-year, the growth in the last year was lower than that of 2022 and lower than 2022.

HDB resale price rose by 4.9 percent in 2023. This is lower than the 10.4 percent increase in 2022 or the 12.7% rise in 2021.

HDB is accelerating the launch of Build-To Order (BTO) apartments, as it has caught up with the construction delays caused by the Covid-19 Pandemic.

From 2021-2025, the authorities will launch 100,000 BTO apartments. In February, there were more than 67,000 BTO apartments on the market.

Read more: Emerald of Katong by Sim Lian

The private housing market has also seen a significant increase.

In the first half 2024, the Government Land Sales Programme is expected to release 5,450 private homes on 10 sites. This will be the seventh consecutive half-yearly rise in supply since the beginning of 2021.

The sites on the list will be sold according to schedule and regardless of demand.

We have also implemented a series of cooling measures to ensure that the property market, both on the HDB and private side, remains in line with the economic fundamentals.

In 2005, the scheme was introduced to provide flat buyers with higher incomes homes that had better finishes and designs. However, it was suspended in 2011. DBSS flats, which are built on government land and designed by private developers, were suspended in 2011.

In March, 61 apartments sold for more than $1 million. Based on data from the real estate portals Singapore Real Estate Exchange (SREX) and, this was only a fraction (2063) of the 2,063 flats that were sold during the same period.

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