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HDB resale prices in Singapore rose by 4.9% in 2023 amid market stabilization efforts

HDB’s flash estimate for Q1 2024 shows a 1.7% rise in the Resale Price Index to 183.5. 2023 saw a 4.9% increase in resale prices, a slowdown from previous years amid economic uncertainties.



The Housing and Development Board (HDB) has released its flash estimate for the 1st Quarter of 2024, showing a 1.7% increase in the Resale Price Index (RPI) to 183.5 from the previous quarter.

This follows a 1.1% increase in the 4th Quarter of 2023, with the combined growth rate for the past six months standing at 2.8%, equivalent to the total growth observed in the second and third quarters of 2023. The resale transaction volume up to 27 March 2024, has increased by 5.5% year-on-year, with 6,928 cases reported.

In contrast to the preceding years, the HDB resale market displayed a tempered growth rate in 2023, with prices increasing by 4.9%.

This figure is significantly lower than the 10.4% rise in 2022 and the 12.7% increase in 2021, indicating a move towards market stabilization. This moderation occurs amidst a backdrop of economic uncertainties, including potential impacts from global geopolitical tensions which might adversely affect supply and demand dynamics.

Given the expectation that domestic mortgage rates will remain higher compared to the low rates experienced over the past decade, the government suggests that households should exercise caution in their property purchasing decisions.

This advice comes in light of efforts to ensure a stable and sustainable housing market, with policies being adjusted as deemed necessary in response to market movements.

Additionally, HDB has reiterated its commitment to providing a range of housing options to cater to the varying needs and financial capabilities of Singaporeans, particularly for those buying a home for the first time.

As part of these efforts, more than 67,000 flats have been launched as of February 2024, with a target to launch 100,000 flats from 2021 to 2025. About 19,600 Build-To-Order (BTO) flats are planned for 2024, with 4,126 flats already offered in the February BTO and Sale of Balance Flats exercises, alongside 1,588 balance flats.

For the June 2024 BTO exercise, approximately 6,800 flats will be available in various locations, including Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun.

These efforts are part of a broader strategy to manage housing supply in anticipation of future demand. Prospective buyers are encouraged to apply early for a Home Financing Eligibility (HFE) letter, with a submission deadline for the June exercise set for 15 May 2024.

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Just take away all the transactions that don’t meet FULLY the MOP of 5 years, and see what the price trend will be like. (e.g, Go to HDB own website listing all the Resales transactions, and see how many 2019 flats are sold last year 2023. 2019 + 5 = 2023, hor? What percentage of the million$ flats are from these never-meet-MOP resales?) BTW, we are having a birthrate issue for more than 30 years, why more and more flats/housing are being built year after year? Why never use that money to build more flat to really tackle the root… Read more »

Did HDB claims they are losing money? LOL

Many are happy with their appreciating asset daily dream about their pegion hole can fetch million. And please hor, oppo you should never campaign cooling off to destroy peoples dream. I can guarantee you will lose a lot of votes by doing this. Be smart.

If any local loser cannot afford HDB NOW, you better bunk off and join that fat woman and buy a loserJB flat aka condom ….instead!
It is ONLY a damn peasant HDB and yet you losers can complain about ‘affordability’ or rather the lack of it!
Then what about condo and then …..FH landed?
Then go to Geyland to sell backside to be able to buy the above, is only a dream loh!😆😆😆🤣🤣🤣🤣

1. “… which might adversely affect supply and demand dynamics.” Question who determines and control supply and demand factors, that is who has final say and form the shape of the HDB market? In other words, IS POLITICS a MajorPlayer to form and manipulate the market?? 2.”…. range of housing options to cater to the varying needs and….” What sort of people whose needs ARE happy to share flats with TOTAL STRANGERS? How come there are people happy to live with, say, a dirty stranger, a noisy stranger. Is THE STATE of Mental well being CAREFULLY CONSIDERED of these OLDER… Read more »

If this regime can’t even stabilise/manage COE’s with their bag of tricks, box of tools, machinations of propaganda and roomful of geniuses, ………….

We are only LESSEE !