SINGAPORE: Prices of Housing Board resale flats rose 9.6 per cent in 2024 – a quicker pace than the 4.9 per cent increase recorded in 2023.
Resale prices have risen continuously on a quarterly basis since the second quarter of 2020.
But price growth slowed in the last three months of 2024, when prices rose 2.5 per cent, lower than the 2.7 per cent growth in the preceding quarter, flash estimates from HDB showed on Thursday (Jan 2).
Fewer resale flats were sold in the fourth quarter of 2024, with the number falling by 21.4 per cent to an estimated 6,314 units, from 8,035 units in the third quarter.
In all, 28,876 resale flats changed hands in 2024 as at Dec 30 – 8 per cent higher than the 26,735 flats in 2023.
HDB said the increase in resale prices and volume was driven by strong broad-based demand and tight market supply.
The loan-to-value limit for HDB loans was lowered from 80 per cent to 75 per cent in August 2024 to cool the market and encourage greater prudence among buyers, it added.
It advised people to be financially prudent in their flat purchases as the property market moves in cycles and “those who buy high will be hit harder if prices weaken”.
“The Government will monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market,” it said.
HDB said it has launched 21,225 new flats in 2024, comprising 19,637 Build-To-Order (BTO) flats and 1,588 Sale of Balance Flats.
In February, it will roll out about 5,000 BTO flats in Kallang/Whampoa, Queenstown, Woodlands and Yishun.
More than 5,500 balance flats will also be on offer in the largest exercise for these flats to date. - The Straits Times/ANN
