SINGAPORE: The Housing and Development Board (HDB) released Public Housing Data last Friday (April 26), stating that the Resale Price Index (RPI) for the first quarter of this year increased by 1.8 percent.

This figure is higher than the 1.1 per cent growth in the last quarter of 2023, but the total of the two quarters added together (2.9 per cent) is almost equal to the combined increase from the second and third quarters of last year of 2.8 per cent.


There were 7,068 resale transactions for the first quarter of 2024, an 8 per cent increase from the 6,547 transactions in the previous quarter. Year-on-year, resale transactions are up by 1.3 per cent.


When broken down by area, HDB resale prices were highest last quarter for two-room flats at Punggol (S$350,000), for three-room flats in the Central district (S$500,000), for four-room flats at Queenstown (S$$897,500), for five-room flats at Kallang/Whampoa (S$$924,000), and Executive flats at Jurong East (S$907,500).

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HDB stated that, in general, the HDB resale market is showing signs of stabilising, given that the increase in resale prices in 2023, 4.9 per cent, is considerably less than in 2022, when they rose by 10.4 per cent, and in 2021, when they rose by 12.7 per cent.

HDB added, however, that “The economic outlook is subject to uncertainties, particularly stemming from ongoing geopolitical conflicts, which could precipitate negative global supply and demand shocks.

Domestic mortgage rates are expected to remain at levels that are elevated relative to the low levels seen over the past decade. As such, households should continue to exercise financial prudence in their flat purchases.

The Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market.”

Some industry experts expect the price of HDB resale flats to increase by around five percent this year.

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“Taking various factors into consideration, it is expected that resale prices may rise moderately by up to 5 per cent in 2024.

This increase is comparable to, or slightly lower than, the 4.9 per cent growth observed in 2023,” read real estate company OrangeTee’s HDB Resale Trends Q1 2024 released earlier this month.

OrangeTee also said that the number of sales of at least one million dollars reached a new high of 185 transactions during this period, and in January, the most expensive flat was priced at S$1.57 million.

It attributed the demand for resale flats to more first-time buyers opting for them rather than waiting for BTO sales launches and added that BTO sales launches are now held three times a year instead of four, as they had previously. /TISG

Read also: Resale home transactions expected to decline in 2024, predict real estate experts