Singapore HDB resale prices expected to grow by up to 8.5% for full year 2024

Prospective buyers must remain vigilant when making purchase decisions.

Housing demand in Singapore may drop in the final quarter of this year owing to the year-end holidays, according to OrangeTee. Furthermore, there was an ample supply of BTO flats released during the October sales exercise.

Here’s more from OrangeTee:

Nevertheless, prices of resale flats may stay elevated as the supply of new MOP flats will remain tight. Moreover, homeowners staying in flats near Prime and Plus locations may raise their asking prices as their flats entail a shorter Minimum Occupation Period (MOP) and fewer resale restrictions than new Plus or Prime flats. We expect overall HDB resale prices to grow by 7.5 to 8.5% for the full year. 

With resale prices climbing and an increasing number of buyers paying premiums for flats that typically would not command such high prices, it is crucial for prospective buyers to maintain a vigilant and discerning approach when navigating the housing market and making purchasing decisions. It is anticipated that in two years, an influx of new flat supply will enter the market, which may heighten competition in the mid to longer term.