Housing
HDB resale prices edge up 1.8% in 1Q 2024, climbing for 16th straight quarter
In Q1 2024, Singapore’s HDB resale flat prices rose by 1.8%, outpacing the previous quarter’s 1.1% growth. This marks the 16th straight quarter of increases since Q2 2020, according to HDB data released on Friday.
SINGAPORE: In the first quarter of 2024, Housing Board resale flat prices in Singapore saw a 1.8 per cent increase, marking a faster growth than the previous quarter’s 1.1 per cent rise.
This upward trend marks the 16th consecutive quarter of price increases since the second quarter of 2020, as indicated by data released by HDB on Friday (26 April).
According to HDB, the resale market is “showing signs of stabilising”, with resale prices experiencing a 4.9 per cent increase in 2023, which is lower than the 10.4 per cent increase in 2022 and the 12.7 per cent climb in 2021.
HDB resale prices rose by 4.9% in 2023
The overall 2.9 per cent price growth observed between the fourth quarter of 2023 and the first quarter of 2024 closely mirrors the total increase of 2.8 per cent over the second and third quarters of 2023.
HDB cautioned households to exercise financial prudence in their flat purchases, citing an uncertain economic outlook and elevated mortgage rates.
“The Government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market,” the statement wrote.
During the first quarter of 2024, a total of 7,068 HDB resale flats changed hands, reflecting an 8 per cent increase from the 6,547 units in the previous quarter.
As part of their commitment, authorities have pledged to launch 100,000 BTO flats from 2021 to 2025.
As of February 2024, more than 67,000 BTO flats have been made available on the market, said HDB.
HDB plans to release approximately 19,600 BTO flats in 2024.
In February, it offered over 4,100 flats across seven BTO projects located in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol, and Woodlands.
Additionally, in June, it will introduce around 6,800 BTO flats in Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun.
Home seekers are advised to apply for an HDB Flat Eligibility letter by 15 May to participate in the upcoming BTO exercise.
The statement includes median rents for various towns in the first quarter of 2024. Approved applications to rent out HDB flats decreased by 4.0% from the previous quarter, totaling 9,398 cases.
However, compared to the first quarter of 2023, the number of approved applications in the first quarter of 2024 decreased by 2.7%.
As of the end of the first quarter of 2024, there were 58,355 HDB flats rented out, a slight increase from the previous quarter.
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Our SG is sick…only the gov is rich, the people are struggling.
If our ctry is rich n doing well, why are the citizens living on handouts…
When brave citizens write about reality they are POFMAed, ..to hide the hard truths?
Everything prices rises, food prices rise so dramatically, housing, car COE and so many things prices but salary never rise. Want us to die, is it?
News reports of HDB flats selling in the million dollar range, new citizens buying GCBs and general price increases of HDB flats are the triggers to the overall unhappiness of Singaporeans.
Add to that the high cost of living, and you get a populace ready to try something different.
And all this will be reflected in the coming GE.
The upshot of it all, is that, … SillyPoreans will take it in their stride, much like all that’s happening on the island.
They’ll accept and embrace 100k COE’s and million dollar public housing, … as the norm, and tell themselves and their children, that they’ll just have to work and study that much harder !!!
Let’s hope the much lauded and voted for (as every pap mp is for it)“progressive” wage model, … can keep pace with the COE and public housing indices !!!
Never a dull moment in the red dot !!!
The primary cause of price surge bis not due to insufficient BTO flats.
It’s due to the massive importing of new citizens and new PRs something like over 50k to 60k a year that causes an acute shortage of basic housing.
This is similar to hospital beds. Why we are facing an acute shortage of hospital beds is because the few millions new immigrants and work pass holders and their dependents competing for the limited number of beds