The latest stats for the real estate market are out.
Let’s explore price & rental trends for Singapore’s private residential market in the 2nd Quarter of 2024.
HDB has also announced its upcoming flat supply line for those eager to apply.
Check out HDB resale prices by town and flat type below!
This article was written by a Financial Horse Contributor.
1. Housing prices are slowing down
According to the latest statistics from URA, prices of private residential properties increased by 0.9% in Q2 2024, compared with 1.4% increase in the previous quarter. 
Prices of landed properties increased by 1.9% in 2nd Quarter 2024, a moderation from the 2.6% increase in the previous quarter.
Prices of non-landed properties increased by 0.6% in 2nd Quarter 2024, compared with the 1.0% increase in the previous quarter.
Rentals of private residential properties decreased by 0.8% in 2nd Quarter 2024, following the 1.9% decrease in the previous quarter.
2. Upcoming flat supply
HDB will offer about 8,500 flats across 15 BTO projects in the October 2024 BTO exercise.
For those who are interested to participate in the October 2024 BTO exercise, do remember to apply for an HFE letter early and submit all required documents by 15 September 2024.
3. HDB resale market
HDB’s Resale Price Index (RPI) for 2nd Quarter 2024 is 187.9, representing an increase of 2.3% over the 1st Quarter of 2024.
Resale transactions for 2nd Quarter 2024 rose by 4.0%, from 7,068 cases in 1st Quarter 2024 to 7,352 cases.
Compared to 2nd Quarter 2023, resale transactions in 2nd Quarter 2024 were 12.9% higher.
Resale transactions that have surpassed the million-dollar mark continued to make up a small proportion of total resale transactions in 2nd Quarter 2024.
The increase in the 2Q2024 resale prices and volume were driven by a strong broad-based demand, as well as some supply tightness in the market with fewer new flats meeting the Minimum Occupation Period in 2024 as compared to 2023.
The median rents in the various towns in 2nd Quarter 2024 are shown in the table below. 
4. Private property launches and take-up
Developers launched 634 uncompleted private residential units (excluding ECs) for sale in 2nd Quarter 2024, compared with the 1,304 units in the previous quarter.
Developers sold 725 private residential units (excluding ECs) in 2nd Quarter 2024, compared with the 1,164 units sold in the previous quarter.
Developers did not launch any EC units for sale in 2nd Quarter 2024 and sold 146 EC units in the quarter.
A total of 3,339 private residential units (including ECs) were completed in 2nd Quarter 2024.
Projects completed in the quarter include Clavon (640 units), Hyll On Holland (319 units) and Midtown Bay (219 units).
There were 3,802 resale transactions in 2nd Quarter 2024, compared with the 2,689 units transacted in the previous quarter.
Resale transactions accounted for 77.4% of all sale transactions in 2nd Quarter 2024, compared with 63.6% in the previous quarter.
There were 388 sub-sale transactions in 2nd Quarter 2024, compared with the 377 transactions in the previous quarter.
Sub-sales accounted for 7.9% of all sale transactions in 2nd Quarter 2024, compared with 8.9% in the previous quarter.
5. Office space
Prices of office space increased by 3.1% in 2nd Quarter 2024, compared with the 1.2% decrease in the previous quarter.
Rentals of office space increased by 3.1% in 2nd Quarter 2024, compared with the 1.7% decrease in the previous quarter.
Do you think the property market is cooling down? Share your thoughts in the comments below!
Webull Promotion
I’m excited to share my experience with Webull, a brokerage that offers low-cost trading for US Stocks, Options, and ETFs on a very easy-to-use platform.
They’re currently running a promotion where you can get USD60* or USD400* in cash vouchers.
You just need to:
- Deposit USD2,000 (or USD10,000 for higher rewards)
- Execute 3 US buy trades (or 5 US buy trades for higher rewards)
- Maintain your balance until 31 Oct 2024
Additionally, for those who would like to invest their idle funds, get up to 7%^ Moneybull interest for up to 90 days with returns up to USD1,7501!
1 The USD1,750 Moneybull Yield is based on USD100,000 subscription of the USD Moneybull. The 7% Moneybull Interest only apply to the first USD100,000 USD Moneybull subscription.
^Moneybull Yield is calculated based on 5.16% 7-Day Yield P.A. of the USD Cash Fund in Moneybull as of 23 Jul 2024 and a 1.84% USD Yield P.A. from the Moneybull Booster. Principal is not guaranteed. Returns are not guaranteed and not an indication of future performance. All investments involve risks and are not suitable for every investor. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Moreover, take advantage of Webull’s special promotion and enjoy zero commission* on US options trading. This benefit is now available for traders who trade at least 100 contracts per month.
If you’re interested in affordable and easy trading, don’t hesitate to give Webull a try today!