Singapore

Rents increased by 3.0% for the whole year.

A total of 331 homes were transacted in H2 2024 alone.

There were only 203 units sold during the month, down 92% from November.

The total sales value from 184 transactions dropped 22.1% to S$1.4b in 2024.

Meanwhile, office rents grew by 2.4% for the full-year 2024.

And new home sales are expected to reach up to 9,000 units.

Total rental growth is expected to range between -1% and 2% for the full year.

Neither are in a position of dominance, according to analysts.

This growth rate is almost double that of 2023’s 4.9%.

The decline was due to over 8,500 new flats launched in October.

Prices increased by 3.9% for full-year 2024.

New supply won’t rise again until 2028.

These units will come from 10 sites on the confirmed list.According to PropNex, the Singapore government has kept up with efforts in boosting private housing land supply in the first half of 2025 (1H 2025) by offering 8,505 units on its upcoming Government Land Sales (GLS) programme under the Confirmed List and Reserve List.

Thanks to five new residential projects launched during the month.

The growth is a lot slower than last year’s 10.5% increase.

The fall was mainly driven by the one-north area.