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Release of 4th Quarter 2024 real estate statistics

 

• Overall private residential price index increased by 2.3% in 4th Quarter 2024, mainly driven by sales transactions at selected newly-launched projects. The pace of increase in private residential price index has slowed to 3.9% in 2024, from 6.8% in 2023 and 8.6% in 2022.

• Overall private residential rental index remained unchanged in 4th Quarter 2024, and declined by 1.9% in 2024 as a whole, the first full-year decline since 2020.

• About 3,100 private residential units (including ECs) were completed in 4th Quarter 2024, bringing the total completions for 2024 to about 10,600 units. More supply totalling 55,500 units is coming onstream over the next few years to cater to housing needs.

• 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 sites with 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.

  Published: 24 January 2025

1 The Urban Redevelopment Authority (URA) released today the real estate statistics for 4th Quarter 2024.

PRIVATE RESIDENTIAL PROPERTIES 

Private residential market at a glance:



Prices and Rentals

2 Prices of private residential properties increased by 2.3% in 4th Quarter 2024, compared with the 0.7% decrease in the previous quarter. For the whole of 2024, prices of private residential properties increased by 3.9%. This represents a moderation from the increase of 6.8% in 2023 and 8.6% in 2022.

Property Price Index of private residential properties


3 Prices of landed properties decreased by 0.1% in 4th Quarter 2024, compared with the 3.4% decrease in the previous quarter. Prices of non-landed properties increased by 3.0% in 4th Quarter 2024, mainly driven by sales transactions at selected newly-launched projects. For the whole of 2024, prices of landed properties rose by 0.9% while those of non-landed properties rose by 4.7%, moderating from the respective increases of 8.0% and 6.6% in 2023.

4 Prices of non-landed properties in Core Central Region (CCR) increased by 2.6% in 4th Quarter 2024, compared with the 1.1% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 3.0% in 4th Quarter 2024, compared with the 0.8% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) increased by 3.3% in 4th Quarter 2024,  after remaining unchanged in the previous quarter. For the whole of 2024, prices of non-landed properties in CCR, RCR and OCR increased by 4.5%, 5.8% and 3.7% respectively (see Annexes A-1a & A-1b1).

5 Rentals of private residential properties remained unchanged in 4th Quarter 2024, compared with the 0.8% increase in the previous quarter. For the whole of 2024, rentals of private residential properties decreased by 1.9%, a reversal from the 8.7% increase in 2023.

Rental Index of private residential properties


 
6 Rentals of non-landed properties increased by 0.2% in 4th Quarter 2024, compared with the 0.5% increase in the previous quarter. Rentals of landed properties decreased by 1.8% in 4th Quarter 2024, compared with the 3.2% increase in the previous quarter. For the whole of 2024, rentals of landed properties decreased by 3.8%, while rentals of non-landed properties decreased by 1.7%.

7 Rentals of non-landed properties in CCR increased by 0.9% in 4th Quarter 2024, compared with the 1.6% decrease in the previous quarter. Rentals in RCR increased by 0.3% in 4th Quarter 2024, compared with the 1.7% increase in the previous quarter. Rentals in OCR decreased by 0.8% in 4th Quarter 2024, compared with the 2.2% increase in the previous quarter. For the whole of 2024, rentals of non-landed properties in CCR, RCR and OCR decreased by 2.4%, 1.3% and 1.3% respectively. This was a reversal from the respective increases of 5.0%, 9.0% and 7.5% in 2023 (see Annexes A-2a & A-2b).

Launches and Take-up

8 Developers launched 3,425 uncompleted private residential units (excluding ECs) for sale in 4th Quarter 2024, compared with the 1,284 units in the previous quarter. For the whole of 2024, developers launched 6,647 uncompleted private residential properties for sale, compared with the 7,551 units in the previous year (see Annex C).

9 Developers sold 3,420 private residential units (excluding ECs) in 4th Quarter 2024, compared with the 1,160 units sold in the previous quarter. For the whole of 2024, developers sold 6,469 private residential units, compared with the 6,421 units in the previous year (see Annex D).

Number of private housing units launched and sold by developers (excluding ECs)


 
10 Developers launched 504 EC units for sale in 4th Quarter 2024 and sold 528 EC units in the quarter (see Annex F). In comparison, developers did not launch any EC units for sale and sold 104 EC units in the previous quarter. For the whole of 2024, developers launched 1,016 EC units for sale and sold 1,227 EC units, compared with the 360 EC units launched and 737 EC units sold in 2023.

Resales and Sub-sales

11 There were 3,702 resale transactions in 4th Quarter 2024, compared with the 3,860 units transacted in the previous quarter. Resale transactions accounted for 49.8% of all sale transactions in 4th Quarter 2024, compared with 71.9% in the previous quarter (see Annex D). For the whole of 2024, there were 14,053 resale transactions, compared with the 11,329 resale transactions in 2023.

12 There were 311 sub-sale transactions in 4th Quarter 2024, compared with the 352 units transacted in the previous quarter. Sub-sales accounted for 4.2% of all sale transactions in 4th Quarter 2024, compared with 6.6% in the previous quarter (see Annex D). For the whole of 2024, there were 1,428 sub-sale transactions, compared with the 1,294 sub-sale transactions in 2023.

Number of resale and sub-sale transactions for private residential units (excluding ECs)


Supply Completions

13 A total of 3,084 private residential units (including ECs) were completed in 4th Quarter 2024. This brings the total completions in 2024 to 10,617 units. Projects completed in the quarter include KI Residences At Brookvale (660 units), Penrose (566 units) and Irwell Hill Residences (540 units) (see Annexes E-4 & E-5).

Supply in the Pipeline

14 As at the end of 4th Quarter 2024, there was a total supply of 35,305 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, of which 19,405 units remained unsold (see Annexes E-1, E-2, B-1 & B-2). After adding the supply of 5,365 EC units in the pipeline, there were 40,670 units (including ECs) in the pipeline with planning approvals, of which 21,679 units remained unsold, compared to 17,729 units a year ago (see Annex E-3).

Total number of unsold private residential units in the pipeline

  
15 Adding the supply of unsold units (including ECs) in the supply pipeline with planning approval, and those that have not been granted planning approval yet, around 36,500 units (including ECs) could be made available for sale later this year or next year. This includes the supply of about 5,030 private housing units on the Confirmed List of the GLS Programme in 1H2025. 

16 Based on the expected completion dates reported by developers, about 27,300 units (including ECs) will be completed between 2025 and 2027, which will help to cater to housing needs in the immediate few years ahead. More supply amounting to about 28,200 units are expected to be completed in 2028 and beyond to cater to demand in the medium term. All in all, there are a total of about 55,500 private housing units in the supply pipeline that will help cater to the housing needs of the population.

Pipeline supply of private residential units and ECs by expected year of completion

Stock and Vacancy

17 The stock of completed private residential units (excluding ECs) increased by 3,062 units in 4th Quarter 2024, compared with the increase of 2,669 units in the previous quarter. The stock of occupied private residential units (excluding ECs) increased by 5,420 units in 4th Quarter 2024, compared with the decrease of 2,051 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) decreased to 6.6% as at the end of 4th Quarter 2024, from 7.2% in the previous quarter (see Annex E-1).

Stock and vacancy of private residential units (excluding ECs)


 
18 Vacancy rates of completed private residential properties as at the end of 4th Quarter 2024 in CCR, RCR and OCR were 10.0%, 7.3% and 4.7% respectively, compared with the 11.2%, 8.1% and 4.9% in the previous quarter.

OFFICE SPACE

Office market at a glance:

Prices and Rentals

19 Prices of office space decreased by 0.7% in 4th Quarter 2024, compared with the 0.6% increase in the previous quarter (see Annex A-1a). Rentals of office space decreased by 0.9% in 4th Quarter 2024, compared with the 0.5% decrease in the previous quarter. For the whole of 2024, prices of office space increased by 1.8%, compared with the decrease of 4.2% in 2023, while rentals of office space remained the same, compared with the increase of 13.1% in 2023 (see Annexes A-2a, A-2b & A-3).

Property Price Index of office space in Central Region


Rental Index of office space in Central Region



Supply in the Pipeline

20 As at the end of 4th Quarter 2024, there was a total supply of about 909,000 sq m GFA of office space in the pipeline, compared with the 903,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Pipeline supply of office space

 
Stock and Vacancy

21 The amount of occupied office space increased by 23,000 sq m (nett) in 4th Quarter 2024, compared with the increase of 17,000 sq m (nett) in the previous quarter. The stock of office space decreased by 6,000 sq m (nett) in 4th Quarter 2024, compared with the increase of 36,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space decreased to 10.6% as at the end of 4th Quarter 2024, from 11.0% as at the end of the previous quarter (see Annexes A-3 & E-1).

Stock and vacancy of office space



RETAIL SPACE

Retail market at a glance:


Prices and Rentals

22 Prices of retail space decreased by 1.3% in 4th Quarter 2024, compared with the 1.7% increase in the previous quarter (see Annex A-1a). Rentals of retail space increased by 0.6% in 4th Quarter 2024 compared with the 0.3% increase in the previous quarter. For the whole of 2024, prices of retail space increased by 1.0%, compared with the increase of 1.2% in 2023, while rentals of retail space increased by 0.5%, compared with the increase of 0.4% in 2023 (see Annexes A-2a, A-2b & A-3).

Property Price Index of retail space in Central Region


Rental Index of retail space in Central Region



Supply in the Pipeline

23 As at the end of 4th Quarter 2024, there was a total supply of about 545,000 sq m GFA of retail space in the pipeline, compared with the 552,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes E-1 & E-2).

Pipeline supply of retail space



Stock and Vacancy

24 The amount of occupied retail space increased by 47,000 sq m (nett) in 4th Quarter 2024, compared with the increase of 17,000 sq m (nett) in the previous quarter. The stock of retail space increased by 24,000 sq m (nett) in 4th Quarter 2024, compared with the increase of 14,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 6.2% as at the end of 4th Quarter 2024, from 6.5% as at the end of the previous quarter (see Annexes A-3 & E-1).

Stock and vacancy of retail space



URA’S REAL ESTATE INFORMATION SERVICE

25 Real estate information, such as time series statistics, are available on the URA website. Visit www.ura.gov.sg/property-market-information/pmiResidentialTimeseries for time series statistics on private residential properties and www.ura.gov.sg/property-market-information/pmiCommercialTimeseries for time series statistics on commercial properties.

26 Detailed information on the price and rental indices, supply in the pipeline, stock and vacancy rates of the various property sectors can be found in the Real Estate Information System (REALIS) at https://www.ura.gov.sg/realis. A subscription is required to access REALIS.
 
27 The figures in this release are accurate as of 24 January 2025. Please visit the URA website or REALIS for the most updated figures.


1 The prices of private residential properties are not uniform and vary from project to project. Home-buyers can view more detailed information on transactions of private residential properties at:  https://www.ura.gov.sg/property-market-information/pmiResidentialTransactionSearch. Similar information can also be accessed by users on the go via URA’s iphone/ipad application. The application can be downloaded directly from https://itunes.apple.com/app/property-market-information/id573494340?mt=8.


SUMMARY OF KEY INFORMATION FOR 4TH QUARTER 2024

Annex                  Title
Annex A-1a
[PDF, 27kb]
Comparison of Property Price Index for 3rd Quarter 2024 and 4th Quarter 2024
Annex A-1b
[PDF, 27kb]
Comparison of Property Price Index for 2023 and 2024
Annex A-2a
[PDF, 27kb]
Comparison of Rental Index for 3rd Quarter 2024 and 4th Quarter 2024
Annex A-2b
[PDF, 27kb]
Comparison of Rental Index for 2023 and 2024
Annex A-3
[PDF, 92kb]
Median Rentals and Vacancy of Office and Retail Space
Annex B-1
[PDF, 27kb]
Number of Unsold Private Residential Units from Projects with Planning Approvals
Annex B-2
[PDF, 30kb]
Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment
Annex C
[PDF, 29kb]
Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment
Annex D
[PDF, 95kb]
Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment
Annex E-1
[PDF, 78kb]

Stock & Vacancy and Supply in the Pipeline as at End of 4th Quarter 2024

Annex E-2
[PDF, 87kb]
Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 4th Quarter 2024
Annex E-3
[PDF, 48kb]
Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 4th Quarter 2024
Annex E-4
[PDF, 28kb]
Number of Private Residential Units and Executive Condominiums Completed in the Quarter

Annex E-5
[PDF, 56kb]

Private Residential and Executive Condominium Projects Completed in 2024 
Annex F
[PDF, 89kb]
Number of Executive Condominium Units Launched and Sold in the Quarter
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