Sales declined by 21.1% in Q4 to 6,424 units, and a total of 28,986 resale transactions were recorded throughout 2024.

Data from the Housing and Development Board (HDB) indicated that the resale prices of public housing flats increased by 2.6% in the fourth quarter of 2024.

Announced on Friday (Jan 24), this rise was slightly higher than the initially estimated 2.5% released on Jan 2. It saw a slight slowdown from the 2.7% increase in the third quarter. As a result, the full - year price growth reached 9.7%-significantly higher than the 4.9% increase in 2023, yet slightly lower than the 10.4% price gain in 2022.

Simultaneously, the transaction volumes of resale flats dropped by 21.1% in Q4 to 6,424 units, down from 8,142 units in the previous quarter. On a year-on-year basis, this represented a 1.9% decrease.

In 2024 as a whole, 28,986 resale transactions were logged, marking an 8.4% increase from the 26,735 transactions in the previous year.

The HDB ascribed the growth in resale prices to “robust, widespread demand” and a tight supply in the market. It further mentioned that in August, the government reduced the loan-to-value limit for HDB housing loans to 75% “to temper the market and promote greater caution among homebuyers”.

“Households are strongly cautioned to be prudent when purchasing property, given that the property market is cyclical. Those who buy at high prices will be more severely affected if prices decline.”

Rising Prices

Among HDB towns, the Punggol region had the highest median resale price for three-room flats, at S$526,900, while Toa Payoh had the lowest, at S$380,000.

Regarding four - room flats, Toa Payoh recorded the highest median price, at S$950,000, and Jurong West had the lowest median price, at S$521,500.

For five-room and executive flats, Bishan had the highest median resale price, at S$970,000, and Jurong West had the lowest, at S$620,000.

In the rental market, as of the end of the fourth quarter (Q4), 59,043 HDB flats were rented out, showing a slight 0.2% decrease compared to the third quarter (Q3).

The HDB approved 8,603 cases for flat rentals. This represented a 5.6% decline quarter-on-quarter and a 12.1% decrease year-on-year. In total, approximately 36,673 cases were approved throughout 2024, marking a 6.3% drop from the previous year.

According to the HDB's latest data, the highest median rental price was for five-room flats in Queenstown, at S$4,500. The lowest was for two-room flats in Sembawang, at S$2,270.