SINGAPORE housing prices held up in the first quarter of 2024, with official data showing rising prices for both private homes and public housing. Private residential prices continued to rise in Q1, though at a slower pace of 1.5 per cent compared with the 2.8 per cent growth seen in Q4 of 2023. Sales volume shrank. Would-be buyers will have plenty to choose from, with new supply set to be bumped up by this year’s incoming projects, but new launch prices are expected to stay “elevated”.     

In the public housing sector, market forces appear to be regrouping. HDB resale prices rose 1.7 per cent in Q1, faster than the 1.1 per cent recorded in the quarter before. Both prices and sales volume were also higher year-on-year. 

Analysts pointed to a surge in first-time homebuyers turning to the Housing and Development Board resale market, where the pool of fresh supply has also grown. More flats became available for resale in Q1 as they reached the end of their five-year Minimum Occupation Period (MOP). There may also have been a boost in buying from private property owners in the market for an HDB flat. A mandatory 15-month wait-out period for “downgraders” was implemented in September 2022, and those looking to buy then would have come out of their time-out in Q1 of 2024.