Singapore’s Private Property Prices See Slower Growth in Q4 2024

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Singapore’s Private Property Prices See Slower Growth in Q4 2024

Price Increases Moderate with 2.3% Rise in Last Quarter, Lower Annual Growth than Previous Years

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Private residential property prices in Singapore rose by 2.3% in the fourth quarter of 2024, bringing the total increase for the year to 3.9%, accordi

Four Dead After Attending New Year’s Eve Concert in Malaysia”The New Year’s Eve celebrations at the Pinkfish 2024 Countdown concert in Malaysia took a tragic turn when four attendees were found dead shortly after the event. The deaths were reported by a hospital in Kuala Lumpur, with the victims ranging in age from their 20s to 40s. The concert, which took place at Sunway Lagoon’s Surf Beach in Selangor, featured live performances by both local and international artists. Selangor police chief Hussein Omar Khan confirmed that all four victims had attended the event, and the cases have been classified as sudden deaths. An initial autopsy revealed no external injuries on the deceased, but the exact cause of death is still under investigation, pending laboratory results. The police have opened an inquiry to explore whether foul play or toxic substances could be involved. A statement released on the police’s Facebook page on January 1st urged anyone with information to come forward. A TikTok video, which showed a person being wheeled away on a gurney, has raised concerns, with some speculating that the individual may have overdosed, although it is unclear if the video is connected to the deaths. In response to the incident, the Pinkfish event organisers released a statement on January 2nd, offering their condolences to the families of the deceased. They clarified that the deaths occurred outside the concert venue, with Malaysian authorities confirming this. The organisers also highlighted the safety measures in place at the event, including over 100 police officers, trained security personnel, and police dog units stationed at entry points. Pinkfish, an annual outdoor music and arts festival, is known for promoting creativity and community. The concert on December 31st was one of several events held to mark the new year in Malaysia.”
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Private residential property prices in Singapore rose by 2.3% in the fourth quarter of 2024, bringing the total increase for the year to 3.9%, according to flash estimates released by the Urban Redevelopment Authority on January 2. This growth represents a slowdown compared to the 6.8% increase recorded in 2023 and 8.6% in 2022.

The rise in non-landed property prices was seen across all regions in the fourth quarter, driven by strong demand for new property launches and a rebound in market activity. Non-landed prices surged by 3.2% in Q4, a significant rebound from the 0.1% growth seen in the third quarter. Within the prime Core Central Region (CCR), non-landed prices increased by 2.4%, recovering from a 1.1% decline in the previous quarter.

In the Rest of Central Region, which includes the city fringe, property prices saw a 3.4% increase, a notable improvement from 0.8% growth in Q3. Suburban areas in the Outside Central Region also enjoyed a 3.4% rise, reversing the flat performance from the previous quarter.

However, the market for landed properties continued to face challenges, with prices falling by 0.9% in the fourth quarter, following a more substantial 3.4% decline in Q3.

Transaction volume also experienced a boost, rising 25% from the previous quarter to reach 6,715 units in Q4, as developers launched more units. Despite this, total sales for the year by mid-December stood at 21,232 units, about 14% lower than the annual average of 24,830 units sold between 2021 and 2023.

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