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
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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