SINGAPORE: HDB resale prices rose by 2.3% in the second quarter of 2024, according to data from the Housing Development Board (HDB). This continues a trend of rising prices for 17 consecutive quarters, with a faster growth rate than the 1.
8% increase seen in the first quarter. For the first half of the year, resale prices have grown by a total of 4.2%.
Singapore Business Review reported that all types of HDB flats saw their resale prices grow. Prices for 5-room and 3-room flats increased by 2.8%, while 4-room flats went up by 2.
5%, and 2-room flats saw a 2.8% rise. Notably, a record 236 HDB units were resold for at least a million dollars, with 28 of these units fetching over $1.
3 million. This surge in high-value transactions has set a new record for the public housing market. Since the fourth quarter of 2021, 112 units have been sold for over $1.
3 million. By volume, 7,352 units were sold in Q2, a 4% increase from the previous quarter. For the first half of 2024, 14,420 resale flats were traded, up from 13,493 units in the same period last year.
Christine Sun, chief researcher and strategist for OrangeTee Group noted that the demand for larger flats remained robust, with 4,214 transactions for 5-room and executive flats in the first half of 2024, a 9.3% increase compared to H1 2023. She attributed the strong demand for larger flats to ex-private property owners who have completed the mandatory 15-month wait-out period before purchasing a resale flat.
The fear of being price.