HDB, private homes prices rise in Q1 but property market remains stable
National Development minister said there might be some variation in Housing Board or private home resale rates from quarter to quarterly, but that authorities expect the market stability to continue.
The Government will carefully monitor trends in the upcoming quarters.
HDB’s resale apartments saw their prices rise by 1.8 % in the first 3 months of 2024. That was a significant increase over the 1.1 % that had been recorded the quarter before. The price of HDB flats has increased 16 consecutive times since the 2nd quarter of 2020.
Using figures from the Urban Redevelopment Authority(URA), private residential property prices increased by 1,4% in the 1st quarter.
Grand Dunman condo
Resale values (HDBs), will fluctuate according to the season, and also by the quarter. You can compare year on year the changes in resale values. Last year’s was lower, as were the 2022 prices, while 2022’s was lower.
HDB’s resale costs rose by only 4.9 percent in 2023. The 10.4 percent increase seen in both 2022, and 2021 was followed by a 12.7% jump.
HDB has finally caught up to construction delays resulting from the Covid-19 virus pandemic. They are also continuing their Build-To Order launches.
The authorities have committed to building 100,000 BTO homes between 2021 and 2020. By February, over 67,000 BTOs flats were already on the marketplace.
In parallel, private housing is also being increased.
Government Land Sales is planning to release 5,450 privately owned homes spread across 10 sites confirmed in the first quarter of 2024. This will be a seventh half-yearly increase since the start of 2021.
Sites that have been confirmed are released to sale on schedule regardless of demand.
We also implemented a variety of cooling mechanisms to ensure the market remains aligned with economic fundamentals, on both the HDB and the private property side.
The scheme was started in 2005 as a way to give flat buyers who earn more money better quality homes, but it was discontinued in 2011. DBSS Flats are private developer-designed and built flats that are constructed on government property.
In March there were 61 properties that sold for over $1 million. This was just a fraction from the 2,063 sold resale units in the same calendar month.
P/S: All units in Fourth Avenue Residences condo had been full sold. We thank you for your continuous support.