Private Home Prices Jumped in Q4 2024 on Strong New Home Sales; HDB Resale Prices Rose at a Slower Pace
Published on 03/01/2025
Introduction
In Q4 2024, private home prices in Singapore surged, driven by robust new home sales and multiple high-profile project launches. Meanwhile, HDB resale prices continued to rise, albeit at a slower pace, following recent government measures in August 2024 to cool the HDB market.
Private Home Prices Overview
The URA Private Residential Property Index (PPI) increased by 2.3% quarter-on-quarter (QOQ) in Q4 2024, reversing the 0.7% decline in the previous quarter. This marked the fastest quarterly growth since Q4 2023.
Table 1: URA Private Property Price Index (PPI)
Source: URA
Performance by Region
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Outside Central Region (OCR): Prices rose by 3.4% QOQ, led by the successful launch of Chuan Park.
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Rest of Central Region (RCR): Prices increased by 3.4% QOQ, driven by new projects like Meyer Blue and Union Square Residences.
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Core Central Region (CCR): Prices rebounded by 2.4% QOQ after two consecutive quarters of decline.
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Landed Property: Prices dipped by 0.9% QOQ due to reduced transaction volumes.
Table 2: Key Projects Driving Price Increases in Q4 2024
Source: URA
HDB Resale Market Trends
HDB resale prices increased by 2.5% QOQ in Q4 2024, a slight moderation from 2.7% in Q3. Transaction volumes dropped significantly.
Table 3: HDB Resale Transactions and Prices
Source: HDB
Million-dollar HDB flats continued to make headlines, with 1,035 units sold in 2024, led by transactions in Toa Payoh.
Market Outlook for 2025
• Private home prices are expected to grow by 3-4%.
• New home sales could reach 8,000-9,000 units.
• HDB resale prices are projected to increase by 5-7%, with volumes reaching 29,000-30,000 units.
Overview
While private home prices surged in Q4 2024 on the back of strong sales, the HDB market showed signs of stabilization. Developers are expected to price units sensitively in 2025 amid a steady pipeline of launches, while resale demand remains robust across both private and public housing markets. Do check out our article on the Upcoming Launches of 2025.
How will this impact your current property’s prices? Contact us today to find out more!