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Latest Property Real Estate News - Published on 26/04/2024
26 April 2024, Singapore – Private residential property prices climbed for the third straight quarter in Q1 2024, while the HDB resale prices gained strength, following healthy demand and firm transacted prices of resale flats. In Q1 2024, the growth in HDB resale prices has outpaced that of private homes. Q1 2024 URA Private Residential Property Index Data from the Urban Redevelopment Authority (URA) showed that overall private home prices climbed by 1.4% QOQ in Q1 2024, marking the third consecutive quarterly increase following the 0.8% QOQ growth in Q3 2023, and the 2.8% QOQ increase in Q4 2023 (see Table 1). The final print of 1.4% is marginally down from the 1.5% QOQ increase reflected in the flash estimates. The moderation in price growth from Q4 2023 to Q1 2024 is likely due to the relatively muted transaction volume during the quarter, amid the seasonal lull and the Lunar New Year festivities. Developers sold 1,164 new private homes (ex. EC) in Q1 2024 – up by 6.6% from the 1,092 new homes (ex. EC) shifted in the previous quarter. Meanwhile, developers’ sales were down by 7.3% from the 1,256 new private residential units sold in Q1 2023. The 1,164 new homes sold is the slowest sales for a first quarter since 762 units were transacted in Q1 2008. Table 1: URA Private Property Price Index Price Indices Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 2023 Q1 2024 (QOQ % Change) (YOY % Change) (QOQ % Change) Overall PPI 3.3 -0.2 0.8 2.8 6.8 1.4 Landed 5.9 1.1 -3.6 4.6 8.0 2.6 Non-Landed 2.6 -0.6 2.2 2.3 6.6 1.0 CCR 0.8 -0.1 -2.7 3.9 1.9 3.4 RCR 4.4 -2.5 2.1 -0.8 3.1 0.3
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