Singapore’s property market witnessed a notable shift in 2024, with HDBs demonstrating stronger performance in both resale and rental sectors, while the Condominium market experienced slower growth due to economic challenges.
HDB resale prices are forecasted to grow 8.6% by year-end, slightly more than double the 4.2% growth observed in 2023. Meanwhile, Condominium resale prices are expected to see a slower growth of 3.9%, compared to 7.8% a year ago.
On the rental side, HDB rents rose 3.5% as of October 2024, in stark contrast to Condominium rents, which dipped by 0.3%. HDB rents are expected to end the year with a 4.1% increase, compared to the marginal 0.1% growth anticipated for Condominium rents.
Key market trends in 2024:
- HDB rental market outpaces Condos in growth
- Economic headwinds affected the Condo resale market
- Million-dollar flats volume doubled in 2024
- Growing preference for bigger HDBs like Executive flats
2025 market expectations:
- Potential reversal of trends: With anticipated interest rate cuts and improving economic conditions, the condominium market is poised to benefit in 2025.
- Continued HDB demand: The HDB market, particularly the segment for larger units like Executive flats, is expected to maintain steady interest due to limited supply and sustained demand.
For an in-depth analysis of the 2024 property market trends and insights into the 2025 outlook, read the full review or download the PDF file here:
The information, data, and predictions in this section of the review are provided for informational purposes only. They are speculative, based on market trends and predictive modelling, and should not be relied upon for decision-making. 99.co is not responsible for any errors, omissions, or any losses or damages arising from the use of this information. Readers should conduct their own research and consult professional advisors before making any decisions. By continuing to read this review, you acknowledge and agree to use the information at your own risk.
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