Singapore non-landed private home prices dip by 0.3% in Q3

Prices grew by 1.3% in the first nine months of the year.

According to flash estimates by the Urban Redevelopment Authority (URA), prices of non-landed private homes (excluding Executive Condominiums (ECs)) decreased by a marginal 0.3% q-o-q in Q3 2024**, a contrast to the 0.6% q-o-q increase in the previous quarter. In the first nine months of the year, non-landed home prices grew 1.3%**, and 3.6% y-o-y**. 

In a report, Knight Frank said overall sales in the non-landed residential market fell 9.9% q-o-q to 3,930 units in Q3 2024*. 

Here’s more from Knight Frank:

On a yearly basis, non-landed home sales declined 18.6%, and this fall was greater than the 13.4% y-o-y decrease in Q3 2023* when 4,830 sales were transacted. Even though sales momentum in the same period a year ago was selective and tentative, buyer reticence grew more pronounced for most of 2024. 

Despite newly launched projects from July to September 2024 being few, new sales grew 48.0% q-o-q to 1,033*. The bulk of the new sales comprised units being made available for sale in phases from projects that were already launched. At the same time, homebuyers looking for new homes remained cautious and would only purchase a new home that checked off most of the boxes in their lifestyle list. 

Otherwise, the majority of buyers continued to sit on the fence held back by high interest rates. In Q3 2024*, there were 2,897 secondary transactions *, a 20.9% q-o-q and a 1.0% y-o-y decline.

* based on data available as at 1 October 2024. Figures exclude Executive Condominiums (ECs). 

**based on flash estimates announced on 1 October 2024.