SINGAPORE: Resale flat prices increased by 9.6 per cent in 2024, almost doubling the 4.9 per cent increase in 2023, according to , the , Housing , and , Development Board  , ( HDB)’s flash estimates on Thursday ( Jan 2 ).
The selling price index, which reflects the standard price moves in the resale business,  , grew to 197.7 in the third fourth- an increase of 2.5 per share from the previous quarter, the beam estimates showed.
In a press release, HDB stated that this is lower than the 2.7 % rise in the second quarter of 2024.
The sale amount in the third quarter of 2024 was 6, 314, a 3.6 per cent drop from the 6, 547 instances recorded in the third quarter of 2023.
The , selling  , decline , observed in the fourth quarter of 2024 was primarily due to the HDB starting over 8, 500 new condos in October, many of which are situated in excellent and desirable places, said Ms Christine Sun, OrangeTee &, Tie’s chief scientist and planner.
” The attractive features of these flats, including scenic views and proximity to MRT stations, diverted demand away from the resale market towards the Build-To-Order ( BTO ) market”, Ms Sun added.
” Likewise, sales tend to be slower during the year-end because of the class vacations, when many Singapore tend to go abroad. In consequence, during this period, home showings and sales are generally less frequent.
However, the overall sale amount in 2024 was 28, 876, an 8 per cent boost from the 26, 735 instances recorded in 2023.  ,
” The sale prices in the third quarter of 2024 continued to be driven by a powerful broad-based need, as well as some offer tension in the market”, HDB said.  ,
In order to slam the market and promote greater prudence among homebuyers, the government had reduced the loan-to-value cap for HDB housing loans from 80 % to 75 % in August 2024.
As the property market moves in cycles, HDB advised households to be prudent when purchasing real estate, noting that those who buy high will suffer more as prices decline.  ,
Additionally, it added that it will closely monitor the real estate market and make necessary adjustments to its policies to promote a stable and sustainable real estate market.
In 2024, HDB launched 21, 225 new flats, comprising 19, 637 BTO units and 1, 588 flats offered under the Sale of Balance Flats ( SBF ) exercise.  ,
February 2025 will see the launch of around 5, 000 BTO flats in Kallang/ Whampoa, Queenstown, Woodlands, and Yishun, along with the largest-ever SBF exercise offering more than 5, 500 flats across various estates.
This will increase the number of brand-new apartments on the market by over 10,000 in February 2025.