Singapore private residential property prices up 2.3% in Q4 2024, annual growth lower than in 2023

SINGAPORE: Singapore’s private residential property prices increased by 2.3 per cent in the fourth quarter of 2024 (Q4 2024), pushing the total rise for the year to 3.9 per cent, according to flash estimates released by the Urban Redevelopment Authority on Thursda (Jan 2). This was a slower growth rate compared to the 6.8 per cent growth in 2023 and 8.6 per cent in 2022, as reported by The Business Times.

Non-landed private property prices rose across all regions in the fourth quarter, boosted by strong demand for new launches and a rebound in demand. Overall, non-landed property prices climbed 3.2 per cent in Q4, a sharp rise from the marginal 0.1 per cent growth recorded in the previous quarter.

In the prime Core Central Region (CCR), non-landed prices went up by 2.4 per cent, recovering from a 1.1 per cent decline in Q3.

In the city fringe, the Rest of Central Region saw prices increase by 3.4 per cent, a notable improvement from the 0.8 per cent growth in Q3.

Suburban areas in the Outside Central Region also saw a 3.4 per cent rise, following a flat performance in the previous quarter.

Landed properties, however, continued to decline in value. Prices fell by 0.9 per cent in Q4, following a 3.4 per cent decrease in the third quarter.

Transaction volume was also 25 per cent higher compared to the previous quarter, reaching 6,715 units in Q4, driven by more units launched by developers. By mid-December, 21,232 units had been sold, about 14 per cent lower than the annual average of 24,830 units recorded between 2021 and 2023. /TISG

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