Press Releases
Overall private housing prices declined in 3rd Quarter 2024
25 October 2024
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Overall private housing prices declined in 3rd Quarter 2024 for the first time since 2nd Quarter 2023, by 0.7%. Price momentum eased across all market segments.
• For the first three quarters of 2024, the overall private housing prices increased by 1.6%, a significant moderation from the 3.9% gain over the same period in 2023.
• There are about 52,200 private housing units in the supply pipeline, which will be completed over the next few years to cater to housing needs.
• While macroeconomic conditions remain sound, the economic outlook is subject to uncertainties, and market sentiments remain sensitive to geopolitical developments and global interest rate changes. Despite the recent US Federal Reserve rate cut, 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 today the real estate statistics for 3rd Quarter 2024.
PRIVATE RESIDENTIAL PROPERTIES
Private residential market at a glance:
Prices and Rentals
2 Prices of private residential properties decreased by 0.7% in 3rd Quarter 2024, a reversal from the 0.9% increase in the previous quarter.
Property Price Index of private residential properties
3 Prices of landed properties decreased by 3.4% in 3rd Quarter 2024, reversing the 1.9% increase in the previous quarter. Prices of non-landed properties increased by 0.1% in 3rd Quarter 2024, a moderation from the 0.6% increase in the previous quarter.
4 Prices of non-landed properties in Core Central Region (CCR) decreased by 1.1% in 3rd Quarter 2024, extending the 0.3% decrease in the previous quarter. Prices of non-landed properties in Rest of Central Region (RCR) increased by 0.8% in 3rd Quarter 2024, moderating from the 1.6% increase in the previous quarter. Prices of non-landed properties in Outside Central Region (OCR) remained unchanged in 3rd Quarter 2024, following the 0.2% increase in the previous quarter (see
1).
5 Rentals of private residential properties increased by 0.8% in 3rd Quarter 2024, following the 0.8% decrease in the previous quarter.
Rental Index of private residential properties
6 Rentals of non-landed properties increased by 0.5% in 3rd Quarter 2024, compared with the 0.8% decrease in the previous quarter. Rentals of landed properties increased by 3.2% in 3rd Quarter 2024, compared with the 0.9% decrease in the previous quarter.
7 Rentals of non-landed properties in CCR decreased by 1.6% in 3rd Quarter 2024, extending the 0.1% decrease in the previous quarter. Rentals in RCR increased by 1.7% in 3rd Quarter 2024, compared with the 1.4% decrease in the previous quarter. Rentals in OCR increased by 2.2% in 3rd Quarter 2024, compared with the 1.3% decrease in the previous quarter (see
).
Launches and Take-up
8 Developers launched 1,284 uncompleted private residential units (excluding ECs) for sale in 3rd Quarter 2024, compared with the 634 units in the previous quarter (see
).
9 Developers sold 1,160 private residential units (excluding ECs) in 3rd Quarter 2024, compared with the 725 units sold in the previous quarter (see
).
Number of private housing units launched and sold by developers (excluding ECs)
10 Developers did not launch any EC units for sale in 3rd Quarter 2024 and sold 104 units in the quarter (see
). In comparison, developers did not launch any EC units for sale in the previous quarter and sold 146 units in the quarter.
Resales and Sub-sales
11 There were 3,860 resale transactions in 3rd Quarter 2024, compared with the 3,802 units transacted in the previous quarter. Resale transactions accounted for 71.9% of all sale transactions in 3rd Quarter 2024, compared with 77.4% in the previous quarter (see
).
12 There were 352 sub-sale transactions in 3rd Quarter 2024, compared with the 388 units transacted in the previous quarter. Sub-sales accounted for 6.6% of all sale transactions in 3rd Quarter 2024, compared with 7.9% in the previous quarter (See
).
Number of resale and sub-sale transactions for private residential units (excluding ECs)
Supply Completions
13 A total of 3,953 private residential units (including ECs) were completed in 3rd Quarter 2024. Projects completed in the quarter include One Pearl Bank (774 units), Forrett At Bukit Timah (633 units) and One Holland Village Residences/Quincy House Singapore (551 units). (See Annexes
&
).
Supply in the Pipeline
14 As at the end of 3rd Quarter 2024, there was a total supply of 35,475 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, of which 19,940 units remained unsold (see Annexes
,
2,
&
). After adding the supply of 4,009 EC units in the pipeline, there were 39,484 units (including ECs) in the pipeline with planning approvals, of which, 21,375 units remained unsold (see
).
15 Based on the expected completion dates reported by developers, 11,260 units (including ECs) will be completed in 2024. A further 28,203 units (including ECs) are expected to 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 20,295 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 52,200 private housing units in the supply pipeline that will help cater to the housing needs of the population.
Total number of unsold private residential units in the pipeline
16 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 34,120 units (including ECs) could be made available for sale over the coming year or so. The Government will continue to calibrate housing supply to cater to demand so as to promote a stable and sustainable property market.
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 2,669 units in 3rd Quarter 2024, compared with the increase of 1,602 units in the previous quarter. The stock of occupied private residential units (excluding ECs) decreased by 2,051 units in 3rd Quarter 2024, compared with the increase of 4,162 units in the previous quarter. As a result, the vacancy rate of completed private residential units (excluding ECs) increased to 7.2% as at the end of 3rd Quarter 2024, from 6.1% in the previous quarter (see
).
Stock and vacancy of private residential units (excluding ECs)
18 Vacancy rates of completed private residential properties as at the end of 3rd Quarter 2024 in CCR, RCR and OCR were 11.2%, 8.1% and 4.9% respectively, compared with the 9.3%, 5.8% and 4.9% in the previous quarter.
OFFICE SPACE
Office market at a glance:
Prices and Rentals
19 Prices of office space increased by 0.6% in 3rd Quarter 2024, compared with the 3.1% increase in the previous quarter (see
. Rentals of office space decreased by 0.5% in 3rd Quarter 2024, compared with the 3.1% increase in the previous quarter (see Annexes
&
).
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 3rd Quarter 2024, there was a total supply of about 903,000 sq m GFA of office space in the pipeline, compared with the 1,011,000 sq m GFA of office space in the pipeline in the previous quarter (see Annexes
&
).
Pipeline supply of office space
Stock and Vacancy
21 The amount of occupied office space increased by 17,000 sq m (nett) in 3rd Quarter 2024, compared with the decrease of 20,000 sq m (nett) in the previous quarter. The stock of office space increased by 36,000 sq m (nett) in 3rd Quarter 2024, compared with the increase of 87,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of office space increased to 11.0% as at the end of 3rd Quarter 2024, from 10.8% as at the end of the previous quarter (see Annexes
&
).
Stock and vacancy of office space
RETAIL SPACE
Retail market at a glance:
Prices and Rentals
22 Prices of retail space increased by 1.7% in 3rd Quarter 2024, compared with the 1.2% decrease in the previous quarter (see
). Rentals of retail space increased by 0.3% in 3rd Quarter 2024, after remaining unchanged in the previous quarter (see Annexes
&
).
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 3rd Quarter 2024, there was a total supply of about 552,000 sq m GFA of retail space in the pipeline, compared with the 580,000 sq m GFA of retail space in the pipeline in the previous quarter (see Annexes
&
).
Pipeline supply of retail space
Stock and Vacancy
24 The amount of occupied retail space increased by 17,000 sq m (nett) in 3rd Quarter 2024, compared with the increase of 46,000 sq m (nett) in the previous quarter. The stock of retail space increased by 14,000 sq m (nett) in 3rd Quarter 2024, compared with the increase of 43,000 sq m (nett) in the previous quarter. As a result, the island-wide vacancy rate of retail space decreased to 6.5% as at the end of 3rd Quarter 2024, from 6.6% as at the end of the previous quarter (see Annexes
&
).
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
https://eservice.ura.gov.sg/property-market-information/pmiResidentialTimeseries
for time series statistics on private residential properties and
https://eservice.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://eservice.ura.gov.sg/reis/index
. A subscription is required to access REALIS.
27 The figures in this release are accurate as of 25 October 2024. Please visit the URA website or REALIS for the most updated figures.
Table caption
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://eservice.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 . |
|---|---|
2 | More detailed data on supply in the pipeline by market segment, development status and expected year of completion can be found at https://eservice.ura.gov.sg/property-market-information/pmiResidentialPipelinePrivateUnits |
SUMMARY OF KEY INFORMATION FOR 3RD QUARTER 2024
Table caption
Annex | Title |
|---|---|
| Comparison of Property Price Index for 2nd Quarter 2024 and 3rd Quarter 2024 |
| Comparison of Rental Index for 2nd Quarter 2024 and 3rd Quarter 2024 |
| Median Rentals and Vacancy of Office and Retail Space |
| Number of Unsold Private Residential Units from Projects with Planning Approvals |
| Number of Unsold Private Residential Units from Projects with Planning Approvals by Market Segment |
| Number of Uncompleted Private Residential Units Launched in the Quarter by Market Segment |
| Number of New Sale, Sub-Sale and Resale Transactions for Private Residential Units by Market Segment |
| Stock & Vacancy and Supply in the Pipeline as at End of 3rd Quarter 2024 |
| Supply in the Pipeline by Development Status and Expected Year of Completion as at End of 3rd Quarter 2024 |
| Pipeline Supply of Private Residential Units and Executive Condominiums by Expected Year of Completion as at End of 3rd Quarter 2024 |
| Number of Private Residential Units and Executive Condominiums Completed in the Quarter |
| Private Residential and Executive Condominium Projects Completed in 2024 |
| Number of Executive Condominium Units Launched and Sold in the Quarter |