HDB resale prices up 2.5% in Q4 and 9.6% for 2024

In Q4 2024, HDB resale prices climbed by 2.5%, which is a deceleration compared to the 2.7% increase in Q3. Throughout 2024, resale prices surged by 9.6%. The Q4 price rise was propelled by robust demand and limited supply, coupled with the impact of cooling measures, including a reduction in the loan-to-value limit for HDB loans. The Q4 growth rate was the slowest since Q2 2024.

Approximately 270 resale flats were sold for S$1 million and above in Q4, marking an 18.4% decline from the previous quarter. Concurrently, resale flat transaction volumes dropped by 3.6% compared to the same period the previous year.

In 2024, HDB launched 21,225 new flats and plans to release around 5,000 BTO flats in February 2025. The total resale volume for 2024 reached 28,876 units, an 8% increase from the previous year, representing the highest HDB resale volume since 2021.

The new classification of Plus and Prime BTO flats may have also spurred some homebuyers to seek out resale homes in central locations, he said.

“These buyers are unwilling to accept the resale restrictions such as a 10-year minimum occupation period (MOP), rental restrictions after MOP, subsidy clawback upon resale, and resale income cap on future buyers,” he noted.

Supply of BTO will also be around 17,290 which is 12% lower than in 2024.

HDB said: “The government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market.”

It added: “Households are strongly advised to exercise prudence in their property purchases as the property market moves in cycles and those who buy high will be hit harder if prices weaken.”