Non-landed segment drives Singapore private home prices in Q4

Non-landed home prices increased by 3% during the quarter.

Prices of private homes increased in the fourth quarter due to a surge in new home transactions. According to data from the Urban Redevelopment Authority (URA), the overall price index for private residential properties rose by 2.3 per cent in Q4 2024, reversing the 0.7 per cent decline observed in the preceding quarter.

In a recent report, OrangeTee said the non-landed segment, which includes condos and apartments, experienced a notable increase of 3.0 per cent in Q4 2024, compared to a modest 0.1 per cent gain in Q3 2024. In contrast, the prices of landed properties fell by 0.1 per cent in Q4 2024, a slower decline than the 3.4 per cent drop in the previous quarter.  

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Among the sub-markets, prices of non-landed properties increased by 3.3 per cent in the suburbs or Outside Central Region (OCR) after holding steady at zero growth in the previous quarter. Similarly, prices in the city fringe or the Rest of Central Region (RCR) saw an increase of 3.0 per cent in Q4 2024, up from 0.8 per cent in Q3 2024. Prices in the luxury or the Core Central Region (CCR) rebounded by 2.6 per cent in Q4 2024, reversing the 1.1 per cent drop in Q3 2024.

However, for the whole of 2024, prices experienced their slowest growth at 3.9 per cent. This represents a decline from the increases of 6.8 per cent in 2023, 8.6 per cent in 2022, and 10.6 per cent in 2021. The last occurrence of such a slow growth was in 2020, during which prices rose by 2.2 per cent as a result of the pandemic.

Prices by Market Segment

According to URA Realis caveat data, the average price of new private homes—both landed and non-landed, excluding executive condominiums—rose by 9.8 per cent from S$2,328 per square foot (psf) in Q3 2024 to S$2,555 psf in Q4 2024. For resale, average prices increased at a slower rate of 2.0 per cent over the same period as more buyers were diverted to the primary market.

In the prime CCR, the average price of private homes (excluding EC) increased by 4.4 per cent, rising from S$2,263 psf in Q3 2024 to S$2,363 psf in Q4 2024. This increase was primarily due to a 1.7 per cent increase in resale prices. In contrast, new sale and subsale prices in the CCR fell by 6.9 per cent and 0.5 per cent, respectively, over the same period.

In the city fringe, RCR, the average price of private homes (excluding EC) increased by 15.0 per cent from S$2,060 psf in Q3 2024 to S$2,368 psf in Q4 2024. Price increases were observed across all sales types, with a 2.6 per cent rise in new sale prices, a marginal uptick of 0.1 per cent in resale prices and a 1.5 per cent increase in subsale prices.

In the suburban OCR, the average price of private homes (excluding EC) increased by 14.0 percent, rising from S$1,662 psf in Q3 2024 to S$1,894 psf in Q4 2024. There was an 11.5 per cent increase in new sale prices, along with a moderate rise of 2.4 per cent and 2.7 per cent in resale and subsale prices respectively during the same period.

1,407 new suburban condos (excluding ECs) were sold last quarter. 1,324 units, or 94.1 per cent, were transacted at higher price tags of above S$2,000 psf, which is the highest proportion to date. The remaining units were sold for at least $1,500 psf but below S$2,000 psf. No private condos, excluding EC, were sold for less than S$1,500 psf in OCR since Q2 2023.