HDB and private property prices continue to rise in Q1

National Development Minister stated that there could be variations from quarter to quarter in Housing Board resale and private home prices, but the authorities anticipate the property market continuing to stabilise.

The Government will monitor trends very closely in the next few quarters.

HDB flats for sale increased in price by 1.8 per cent during the first quarter 2024. The previous quarter saw an increase of just 1.1 percent. The figures released by the board show that the price of HDB resale flats increased for the 16th straight quarter since the second half of 2020.

In the first quarter of this year, according to the Urban Redevelopment Authority’s (URA) statistics, prices for private residential real estate rose by 1.4%.

Resale prices (HDBs) will fluctuate seasonally and quarter-to-quarter. Look at the trend, year by, and you’ll see that last year’s growth in resale was much lower than it was for 2022. 2022’s growth is also lower than its year before.

HDB resale rates rose 4.9 percent in 2023. However, this was less than the 10.4 percentage increase in 2020 and the 12.7% growth in 2021.

HDB’s response to the Covid-19 epidemic has been largely successful, with the company continuing to launch more Build-To Order (BTO), flats.

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The government has pledged to build 100,000 BTO units between 2021 and 2025. At the end of February, 67,000 BTO flats were available for sale.

Private housing has also increased in parallel.

Government Land Sales will release 5,450 homes over 10 confirmed sites in the first six months of 2024. The increase will be the 7th consecutive half-yearly since the 1st half of 2021.

Regardless of demand, sites that are on the confirmed list will be released for sale in accordance to the schedule.

We also took a range of cooling steps to make sure that the market for both private and HDB properties remained in line.

In 2005 the scheme was launched to offer buyers of flats with higher incomes better-designed homes and finishes. It was suspended in 2011 DBSS is a scheme that allows private developers to design and sell flats on government-owned land.

61 flats sold in March for at least one million dollars. This is a small percentage of the 2,063 resale apartments sold by the two real estate portals 99.co and Singapore Real Estate Exchange in the same time period.

P/S: All units in Coastline Residences had been fully sold.

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