Singapore’s public housing market has seen a continued upward trajectory in resale flat prices, with a 1.7% increase in the first quarter of 2024. This uptick is notably higher than the 1.1% rise observed in the final quarter of the previous year, signaling a robust demand in the resale market.
Sustained Growth Trend
This latest surge marks the 16th consecutive quarter of price growth since the latter half of 2020, as indicated by the preliminary data released by the Housing & Development Board (HDB) on April 1. The consistent rise underscores a resilient resale market that has been on an upward trend for four years.
Comparative Market Stability
HDB highlighted that the combined growth rate of 2.8% over the last two quarters mirrors the total increase seen in the middle two quarters of 2023. This parallel suggests a level of market stabilization amidst the ongoing price escalations.
Slowing Yet Steady Increase
The resale market’s overall health appears to be stabilizing, with a 4.9% price increase in 2023. This growth rate, although still positive, is a deceleration from the more rapid increases of 10.4% in 2022 and 12.7% in 2021. This trend could indicate a market finding its equilibrium after years of significant gains.
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