[2024: Property Prices to See Steady, Gradual Growth]

Source: data.gov.sg as of 22 January 2024, ERA Research & Market Intelligence

In recent years, the number of million-dollar HDB flats has surged significantly. Starting from just 46 units in 2017, this figure climbed to 470 units in 2023, marking a dramatic increase in the volume of resale flats reaching this notable price milestone.

However, this trend has ultimately sparked broader concerns regarding the sustained growth and long-term sustainability of Singapore's property market as a whole. Consequently, the burning question remains: "Can homebuyers still look forward to healthy growth in the local property market in 2024?"

Source: URA, ERA Research & Market Intelligence

If the current market trajectory is any indication, property prices are poised to maintain steady growth moving forward. Following property cooling measures such as the hike in Additional Buyer's Stamp Duty (ABSD) implemented in April last year, private residential property prices rose at a more moderate pace of 6.7% in 2023, compared to 8.6% in 2022 and 10.6% in 2021.

A similar trend was observed in the HDB resale market, where prices increased by 4.8% in 2023—a distinct moderation from the growth recorded in 2022 (10.4%) and 2021 (12.7%).

Source: URA, ERA Research & Market Intelligence

Nonetheless, experts anticipate continued market growth across all housing segments in 2024.

This year, new home prices are projected to rise by 4% to 6%, with transaction volumes expected to reach between 7,000 and 8,000 units.

Similarly, prices in the private residential resale market are projected to increase by 4% to 6%, with resale and sub-sale transactions estimated to reach 12,000 to 13,000 units, and sub-sale units reaching around 1,200 units.

Source: URA, ERA Research & Market Intelligence

Finally, HDB resale prices are projected to grow by 3% to 5%, with an estimated 26,000 to 27,000 units transacted in 2024.

Overall, both homebuyers and homeowners can view these projections with optimism, as they signal continued potential for price appreciation, capital growth, and a fundamentally healthy property market.

Disclaimer

This information is provided in good faith and does not relieve any party from their responsibility to verify details with relevant sources and/or seek appropriate advice from relevant professionals, including valuers, financial advisers, bankers, and solicitors.

For the avoidance of doubt, no liability or responsibility is assumed for the accuracy, reliability, and/or completeness of the information provided above.