• The overall private residential price index increased by 2.3% in 4th Quarter 2024, mainly driven by sales transactions at selected newly-launched projects. For 2024 as a whole, the private residential price index increased at a slower pace of 3.9%, compared to the increase of 6.8% in 2023 and 8.6% in 2022.
• To ensure that there is adequate supply to meet housing demand and maintain market stability, the Government raised the overall private housing supply in the Government Land Sales (GLS) Programme from about 8,140 units in 2H2024 to 8,505 units in 1H2025. This comprises about 5,030 private housing units, including 980 Executive Condominium units, to be tendered out via the Confirmed List in 1H2025. This is close to 60% higher than the average half-yearly GLS supply in the Confirmed List from 2021 to 2023. An additional 3,475 units will be made available via the Reserve List, higher than the 3,090 units in 2H2024.
• The economic outlook is subject to uncertainties, with several downside risks in 2025, including still-elevated global interest rates and possible renewed restrictions to global trade. Despite recent US Federal Reserve rate cuts, domestic mortgage rates are expected to remain elevated relative to the low levels seen over the past decade. Households should continue to exercise prudence when purchasing properties and taking on mortgage loans.
1 The Urban Redevelopment Authority (URA) released the flash estimate of the price index for private residential properties for 4th Quarter 2024 today.
2 The flash estimate of the private residential property price index increased by 2.3% on a quarter-on-quarter basis in 4th Quarter 2024, bringing the price gain for the whole of 2024 to 3.9% (see Annex A [PDF, 37.3kb] and Annex B [PDF, 53kb]). This represents a moderation from the increase of 6.8% in 2023 and 8.6% in 2022. Sales transaction volume increased by about 25% on a quarter-on-quarter basis in 4th Quarter 2024, in tandem with an increase in the number of units launched for sale by developers. Nevertheless, for the whole of 2024, sale transaction volume fell by about 14% compared to the annual average volume in 2021-20231.
3 Prices of non-landed properties rose by 3.2% in 4th Quarter 2024, mainly driven by sales transactions at selected newly-launched projects. Prices of non-landed properties in the Core Central Region increased by 2.4%, compared with the 1.1% decrease in the previous quarter. Prices of non-landed properties in the Rest of Central Region increased by 3.4%, compared with the 0.8% increase in the previous quarter. Prices of non-landed properties in the Outside Central Region increased by 3.4%, after remaining unchanged in the previous quarter. For landed properties, prices decreased by 0.9% in 4th Quarter 2024, following the 3.4% decrease in the previous quarter (see Annex C [PDF, 37.5kb]).
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-December. The statistics will be updated on 24 January 2025 when URA releases its full set of real estate statistics for 4th Quarter 2024. Past data have shown that the difference between the quarterly price 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.