Housing market to stabilize despite price increases in Q1

According to the Minister of National Development, there may be slight variations between quarters in Housing Board and privately owned home resale values but authorities expect that the market will continue to stabilize.

The government will closely monitor the trends over the coming quarters.

HDB resale apartment prices rose by 1.8% in the first three-month period of 2024. This was higher than the previous quarter, which saw a rise of 1.18%. The statutory board released figures showing that this was the 16th consecutive quarterly price increase.

The Urban Redevelopment Authority’s (URA) figures show that private residential property values rose by 1.4 percent in the first quarter.

Resale (HDB), prices will fluctuate from season to season and quarter to quarter. Looking at trends year by year, you can see that the price increase last year was significantly lower than what it was in 2022. And 2022 is lower than what it was the year prior.

HDB resale values rose 4.9 percent in the year 2023. That was lower than increases of 10.4 and 12.7% in the years 2022 and 2021.

HDB has a number of reasons for this, including the fact that it has caught-up on construction delays due to the Covid-19 pandemic and continues to increase the number of Build-To Order flat launches.

In the period 2021-2025, the government has committed to launching 100,000 BTO flats. More than 67,000 BTO units were on the market as of February.

Parallel to this, the private housing stock has been increased.

Chuan Park condo

The Government Land Sales program is set to release 5450 private homes in 10 confirmed sites during the first half year of 2024. The Government Land Sales programme will see a seventh consecutive increase in the supply of homes since the first half 2021.

Sites confirmed on the list are sold in accordance with schedule, regardless demand.

We also introduced a number of cooling measures so as to ensure that both the HDB-side and the private-side property markets remain in line with fundamental economics.

The scheme, which was originally launched in 2005 in order to offer flat buyers of higher income better homes with superior designs and finishes but suspended in 2011, was designed in order to offer flat buyers of higher income homes with improved designs and finishes. DBSS apartments are sold and built by private developers on land owned by the government.

In March, there were 61 apartment sales that exceeded $1 million. The 61 flats were a small fraction of the 2,063 second-hand flats that sold in March, according to flash data provided by real estate portals Singapore Real Estate Exchange & 99.co.

error: Content is protected !!