Stable outlook for HDB resale market with 3-5% price growth forecast for 2024

HOUSING and Development Board (HDB) resale prices are expected to stay on an even keel in the coming year, with 3 to 5 per cent growth forecast for 2024.

The “moderate” price growth estimates would be on a par with the 4 to 5.5 per cent the HDB resale market is tipped to show for 2023, but much slower than the 10.4 per cent increase in 2022 and 12.7 per cent spurt in 2021. Prices are up by 3.8 per cent in the first nine months of 2023.

This year, the ramping up of new flat supply, inflation-wary buyers’ resistance to higher prices and the lingering impact from cooling measures have damped the resale market, said Wong Siew Ying, PropNex’s head of research and content.