PRICES MODERATE FURTHER
Private residential prices increased at a slower rate of 0.9 % compared to the 1.4 % increase in the previous quarter, according to URA’s real estate statistics for the second quarter of this year.
In contrast to the 2.6 % increase in the prior quarter, landed property prices increased by 1.9 % in the second quarter.
In contrast to the 1 % increase in the prior quarter, the price of non-landing properties increased by 0.6 % in the second quarter of the year.
Huttons ‘ Mr Lee said the slower progress in , private housing costs may be due to interest rates which have remained “higher for more”, as well as , restrained financial and employment conditions.
He continued,” Interest rates which continued to be great limited borrowings and capping increases in costs,” he continued.
In terms of the volume of transactions, the sale portion did reasonably well.
77.4 % of all total private residential purchases during the third were sale private homes. PropNex claims that this is the highest percentage ever recorded since 1996.
PropNext Realty CEO Ismail Gafoor stated that the rate of growth of private house costs has been flattening in the new quarters, partially due to the lack of fresh debuts and weaker innovative home sales, a category that tended to drive up general prices.
” We anticipate that the sale market will generate personal home income this year, and we project that approximately 12, 000 to 13, 000 resale private residences could be traded throughout 2024 .”
OUTLOOK
Personal home prices are expected to maintain a” steady progress path” for the rest of the time, given the financial prospect and , favourable job prospects, said Ms Sun.
Most customers will likely continue to choose affordable housing choices, such as selling or smaller novel private homes, she continued.
” As a result, major increases in house prices are no anticipated”.
Experts noted the anticipated start of a number of significant projects in the second half of the time, which could increase sales volume.  ,
” For the full-year 2024, we project that developers ‘ sales could come in at around 5, 500 to 6, 000 units ( excluding executive condominiums ), while overall private home prices could climb by 4 per cent to 5 per cent in 2024″, said Mr Gafoor.
ERA Singapore CEO Marcus Chu also revised its revenue forecast to between 5, 500 to 6, 500 products by end-2024, a correction from the previous desire of 7, 000 to 8, 000 products.