• The overall private residential property price index saw a smaller increase of 1.1% in 2Q2024 compared to the 1.4% increase in 1Q2024. The quarterly average price increase of 1.3% in 1H2024 was lower than the quarterly average price increase of 1.7% in 2023 and 2.1% in 2022.
• To continue to cater to housing demand and maintain market stability, the Government will be releasing a total supply of 11,110 private residential units via the Government Land Sales Programme in 2024, the highest in a single year since 2013. The Government will continue to release a steady supply of private residential units over the next few years, with supply calibrated to account for prevailing economic and property market conditions.
• Overall, macroeconomic conditions are sound, but the economic outlook is subject to uncertainties, particularly stemming from ongoing geopolitical conflicts that could precipitate negative global supply and demand shocks. Domestic mortgage rates are expected to remain elevated relative to the low levels seen over the past decade. Households should exercise prudence in their property purchases and ensure that they can service their mortgages over the long term.
1. The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential properties for 2nd Quarter 2024 today.
2. Overall, the flash estimate of the private residential property price index increased quarter-on-quarter by 1.1% in 2nd Quarter 2024, moderating from the 1.4% increase in the previous quarter (see Annex A [PDF, 38kb] and Annex B [PDF, 71kb]). Sale transaction volume in 2nd Quarter 2024 was broadly unchanged from the previous quarter1.
3. Prices of non-landed properties increased by 0.9% in 2nd Quarter 2024, compared to an increase of 1.0% in the previous quarter. Prices of non-landed properties in the Core Central Region decreased by 0.2%, compared to the 3.4% increase in the previous quarter. Prices of non-landed properties in the Rest of Central Region and Outside Central Region increased by 2.2% and 0.3% respectively, compared to an increase of 0.3% and 0.2% in the previous quarter respectively. For landed properties, prices increased at a more gradual pace of 1.8% in 2nd Quarter 2024, compared to the 2.6% increase in the previous quarter (see Annex C [PDF, 56kb]).
4. The flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-June. The statistics will be updated on 26 July 2024 when URA releases its full set of real estate statistics for 2nd Quarter 2024. Past data have shown that the difference between the quarterly prices changes indicated by the flash estimate and the actual changes could be significant when the change is small. The public is advised to interpret the flash estimates with caution.
1 Sale transaction volume (up to mid-June) totalled 4,215 in 2nd Quarter 2024, compared to 4,230 in 1st Quarter 2024.