SINGAPORE: Prices of resale Housing and Development Board ( HDB) flats rose 1. 20 %, an increase from the first quarter of 2024, or 8 %. 1 per share expansion seen in the previous quarter.
The Resale Price Index ( RPI ) for the first quarter of 2024 is 183. 7, up from 180. 4 in the prior quarter, according to data released by HDB on Friday ( Apr 26 ).
The selling market’s public price movements are reflected in the RPI.
Selling deals also increased in the first third of this year, increasing by 8 % compared to the third quarter of 2023. This is the most rapid improve in a quarter in more than a year.
Year-on-year, selling deals rose by 1. 3 percent for the first third of 2024.
” On the whole, the HDB resale industry is showing signs of stabilising, as HDB sale prices rose by 4. 9 per share in 2023, less than half of the 10. 4 per cent increase in 2022 and the 12. 7 per cent boost in 2021,” the Housing Board said in a press release.
But, it advised possible flat buyers to be wise.
” The financial outlook is subject to difficulties, particularly stemming from ongoing political conflicts, which was precipitated bad global supply and demand surprises,” HDB said.
” Home mortgage rates are anticipated to remain at rates that are elevated in comparison to the lows seen over the past ten years.
Therefore, households should continue to use fiscal prudence when making straight purchases. “
There has been a rise in demand for resale apartments, according to Ms. Christine Sun, chief researcher and strategist at OrangeTee, as more first-time buyers have chosen to buy apartments from the secondary market rather than wait for Build-to-Order ( BTO ) launches. In a previous statement, HDB stated that it would keep three BTO selling exercises in 2024 rather than four.
Additionally,” an increasing number of personal property proprietors have now completed the required 15-month wait-out period for those looking to drop to a resale level,” she said. ” This might have caused a rise in straight need,” she said. “
She continued, noting that this would have increased the demand for large condos in particular.
In contrast to the 6,547 deals in the third quarter of 2023, there were 7,068 sale transactions in the first third of 2024.
The 8 % increase is the fastest monthly increase since the tenth quarter of 2022, when the growth rate was only 8 %. 7 per share was recorded, Ms Sun said.
” This is also the highest Q1 sales growth recorded since data was ( made ) available from Q2 2007,” she added.
| Quarter | Resale Price Index | % Transform |
| Q1 2024 | 183.7 | 1.8 |
| Q4 2023 | 180.4 | 1.1 |
| Q3 2023 | 178.5 | 1.3 |
| Q2 2023 | 176.2 | 1.5 |
| Q1 2023 | 173.6 | 1.0 |
RENTALS
The number of approved applications to rent out HDB flats fell by 4 % in the rental market from 9,787 cases in the fourth quarter of 2023 to 9,398 cases in the first quarter of this year.
In contrast to the second quarter of 2023, there were only 2 accepted programs in the first quarter of 2024. 7 per cent lower.
As of the end of the first quarter of 2024, there were 58,355 HDB cottages being rented out, an increase of 0. 3 per share over the past month’s 58,159 devices.
Unsurprising, because require typically slows at the end of the year and the start of the new year, hire level has dropped for a second consecutive third.
” Moreover, supply has been dwindling since the number of flats that reached ( their minimum occupation period ) dropped last year and is expected to drop even further this time. “
She added that Hire products may have decreased as a result of the higher buyer’s stamp duty, which “has discouraged people from keeping their apartments for hire income.”
Since personal rents have been declining for the past six months, Ms. Sun said,” with the demand decreasing, some tenants may switch to the exclusive market.”
Rental price growth is anticipated to continue or decrease by up to 3 % this year. “
6,800 BTO Condos TO BE LAUNCHED IN JUNE
In its second income exercise, HDB may offer about 6,800 BTO cottages in Jurong East, Kallang-Whampoa, Queenstown, Tampines, Woodlands and Yishun.
A closer time until the start date will be given additional information about the release figures and project details.
In the February 2024 BTO and Sale of Balance Flats exercises, HDB offered 4,126 cottages across seven BTO jobs and 1,588 stability flats.
This time, HDB intends to start launching approximately 19,600 BTO condos overall.
” As of February 2024, we have launched more than 67,000 cottages and remain on track to start a total of 100,000 cottages from 2021 to 2025,” HDB said.
” We will keep making adjustments as needed and closely track the enclosure need.” “