Singapore property prices have been on a tear since the pandemic.
The rental market has also gone through upheavals in the past few months.
Is this a good time for house buyers and renters?
What about office space and retail space, and what do the trends suggest about the economy?
Let’s take a look at the stats to find out.
This article was written by a Financial Horse Contributor.
1. Private residential properties
According to the Urban Redevelopment Authority (URA), overall, price and rental momentum has slowed in the 1st quarter of 2024.
Prices of private residential properties increased by 1.4% in 1st Quarter 2024, compared with the 2.8% increase in the previous quarter.
- Prices of landed properties increased by 2.6% in 1st Quarter 2024
- 4.6% increase in the previous quarter
- Prices of non-landed properties increased by 1.0% in 1st Quarter 2024
- 2.3% increase in the previous quarter.
There is definitely a slowdown in prices.
Rentals of private residential properties decreased by 1.9% in 1st Quarter 2024, extending the 2.1% decrease in the previous quarter.
2. Developer launches and take up
Developers launched 1,304 uncompleted private residential units (excluding ECs) for sale in 1st Quarter 2024, compared with the 1,060 units in the previous quarter.
Developers sold 1,164 private residential units (excluding ECs) in 1st Quarter 2024, compared with the 1,092 units sold in the previous quarter.
Developers launched 512 EC units for sale in 1st Quarter 2024 and sold 449 EC units in the quarter.
In comparison, developers did not launch any EC units for sale and sold 54 EC units in the previous quarter.
3. Resales and sub-sales
There were 2,689 resale transactions in 1st Quarter 2024.
Resale transactions accounted for 63.6% of all sale transactions in 1st Quarter 2024.
There were 377 sub-sale transactions in 1st Quarter 2024. Sub-sales accounted for 8.9% of all sale transactions in 1st Quarter 2024.
A total of 241 private residential units were completed in 1st Quarter 2024.
As at the end of 1st Quarter 2024, there was a total supply of 38,167 uncompleted private residential units (excluding ECs) in the pipeline with planning approvals, of which 19,936 units remained unsold.
4. Office space
Prices of office space decreased by 1.2% in 1st Quarter 2024, compared with the 5.9% decrease in the previous quarter.
Rentals of office space decreased by 1.7% in 1st Quarter 2024, compared with the 0.3% increase in the previous quarter.
5. Retail space
Prices of retail space increased by 1.8% in 1st Quarter 2024, compared with the 1.2% increase in the previous quarter.
Rentals of retail space decreased by 0.4% in 1st Quarter 2024, compared with the 0.1% decrease in the previous quarter.
Source for charts used in this article: URA website