2024 Singapore Private Property Market Outlook

2024 is set to be a pivotal year for new property launches. With 31 developments poised to enter the market, over 12,000 new private residential units will be available. An estimated 23 project launches are expected to yield around 8,800 units, marking a substantial increase from 2023. Between six and nine mega developments are anticipated to dominate these launches, potentially driving sales volume across the property market.

Recent years have seen a significant expansion in housing supply, with approximately 28,600 new homes completed across 2022 and 2023. Existing property cooling measures and tighter mortgage criteria have moderated property price growth, slowing from 8.6% in 2022 to an estimated 4% to 5.5%.

This shift signifies a market adjusting to new economic realities.

Underpinned by market stability and improving economic conditions, private home prices are projected to experience modest growth in 2024. Driven by recoveries in sectors such as tourism and electronics, the economy is forecast to grow by 1% to 3%. Many economists predict that softer interest rates could further reduce borrowing costs and improve housing affordability.

Private home sales are expected to remain resilient, with price growth forecasted between 3% and 6%.

2024 will be a defining year for new launches. Around 31 developments are slated for launch, offering upwards of 12,000 new private homes. The anticipated rollout of 23 projects will introduce around 8,800 units, representing a significant boost compared to 2023.

Six to nine mega projects are expected to headline these launches, potentially propelling higher transaction volumes.

In contrast to the broader market, new launch supply in the luxury Core Central Region (CCR) will be significantly more limited. Nonetheless, developments such as Marina View Residences, Newport Residences, and Skywaters Residences are set to take centre stage.

In the suburban resale market, prices are poised for steady growth amid tightening supply. Following more than 19,000 private homes completed in 2023, completions in 2024 are projected to drop by nearly 50% to under 10,000 units. This decline—particularly pronounced in the suburbs—is likely to exert upward pressure on resale prices, with gains projected between 3% and 5%.

In 2024, the rental market is likely to remain subdued. With nearly 16,000 new homes completed between 2022 and 2024, fresh supply dynamics will come into play, particularly in the city fringes and suburban districts.

In the luxury condo segment, overall rental growth is projected to slow significantly from its peak of 29.7% recorded in 2022.

As 2024 unfolds, the various segments of Singapore's private housing market are poised to navigate nuanced shifts.