CCR Resale Condo Prices Up 3.7% Q-o-Q in 1Q2024

Resale prices of private residential developments in the Core Central Region (CCR) rose by 3.7%, climbing from an average of $2,118 psf in 4Q2023 to $2,196 psf last quarter. According to market reports, this marks the third consecutive quarter of growth for CCR resale prices.

The average price growth in the CCR over the first three months of the year was higher than the 1.7% quarter-on-quarter (q-o-q) increase in 4Q2023 and the 0.1% q-o-q increase in 3Q2023. The recent price gains in the CCR reversed a 5.2% q-o-q decline seen in 2Q2023.

Resale transaction volume in the CCR rose from 494 units in 4Q2023 to 501 units in 1Q2024. Consequently, the proportion of CCR resale transactions in the overall private residential resale market expanded from 17.6% in 4Q2023 to 19.2% in 1Q2024.

Meanwhile, private residential resale prices in the Rest of Central Region (RCR) edged up 0.5% q-o-q from $1,783 psf to $1,792 psf, while prices in the Outside Central Region (OCR) dipped 0.3% q-o-q from $1,447 psf to $1,443 psf.

Latest transaction data indicates that resale prices across both landed and non-landed property segments (excluding executive condominiums, or ECs) rose by 1.4%, climbing from $1,668 psf in 4Q2023 to $1,691 psf in 1Q2024. The price growth in the private resale market last quarter was lower than the 2.3% q-o-q increase recorded in 4Q2023.

Price appreciation in the first three months of the year was supported by gains in both non-landed and landed residential resale prices, which registered quarterly increases of 1.4% and 1.2% respectively.

A seasonal lull driven by the Chinese New Year holidays and the March school holidays led to a 7.2% q-o-q drop in resale volume in 1Q2024. According to URA data, a total of 2,603 resale homes (excluding ECs) were transacted in 1Q2024, down from 2,806 units in 4Q2023.