Private Home Prices And HDB Resale Flat Prices Climbed In Q4 2024 On Strong Developers' Sales, And Resilient Public Housing Demand

Overall private home prices and HDB resale flat prices posted quarter-on-quarter (QOQ) growth in Q4 2024, thanks to robust new private home sales and resilient public housing demand, respectively.

Q4 2024 URA Private Residential Property Index

Private home prices rose by 2.3% QOQ in Q4 2024, overturning the 0.7% QOQ decline in the previous quarter. This is the fastest pace of quarterly price growth since the 2.8% QOQ increase in Q4 2023. It takes the cumulative price increase for 2024 to 3.9% - continuing a multi-year trend of slowing price growth since 2022. The final print is unchanged from the flash estimates released earlier this month.

Increased Sales and Resale Activity in Q4 2024

In Q4 2024, developers sold 3,420 new private homes (excluding ECs), bringing the total for 2024 to 6,469 units, a 0.7% increase from 2023. On the resale side, 3,702 private homes were resold in Q4, with 14,053 private homes resold in 2024, a 24% increase from 2023. Resale transactions accounted for 49.8% of the total sales in Q4 2024.

Private Home Rentals and Market Outlook

Private home rentals remained flat in Q4 2024 and fell by 1.9% for the full year, marking the first decline in rentals since 2020. With 8,460 private homes completed in 2024, fewer completions are expected in 2025 (5,846 units), potentially supporting rental prices in 2025.

CEO of PropNex Realty, Mr. Ismail Gafoor, noted that despite the cooling measures and the market slowdown in price growth, 2025 looks positive with robust demand expected for new launches such as The Orie and Bagnall Haus.

Q4 2024 HDB Resale Price Index

The Housing and Development Board (HDB) reported a 2.6% QOQ increase in resale flat prices for Q4 2024, marking the 19th consecutive quarter of price growth. In 2024, the HDB resale price index grew by 9.7%, accelerating from the previous year’s 4.9% increase.

Market Outlook for 2025

PropNex's Ms. Wong Siew Ying forecasts that HDB resale prices will slow in 2025, with a growth rate between 5% and 7%. The expected transaction volume for resale flats in 2025 is estimated to hover between 29,000 to 30,000 units.