Singapore

Prices contracted by 0.7% in Q3 2024.

But sales are still 40% lower YoY.In line with the surge in the number of launched units, providing a wider variety of options to homebuyers, Singapore’s new sales expanded 60.0% QoQ to 1,160 units in Q3/2024, according to data from Savills. However, on a YoY basis, it was still 40.4% lower.

Residential launches more than doubled QoQ to 1,284 units during the quarter.

Private residential rents are now expected to decline by 2.5% this year.

The Rest of Central Region saw the largest QoQ growth.

And the number of rental contracts also grew by 10% vs last year.

Rental movement is expected to be at -1% to 1% in 2025.

Analysts say rents should have started falling two quarters ago.

Rents inched up 0.5% in Q3 after three straight quarters of decline.

This is the second consecutive quarter of growth.

New completions are expected to average only 527,00sq ft annually from 2025 to 2027.

The vacancy rate reached 6.2% during the quarter.

The Orchard vacancy rate is at its lowest in five years.

The transacted price was nearly S$70 million.

It’s at the lower end of the original projections at the start of the year.

There were 750 million-dollar flats in the first three quarters of 2024.