REA Preview for 3rd Quarter 2024 Singapore Residential Property Market

In the third quarter of 2024, the property market in Singapore showed a mixed performance across both public and private residential sectors. While HDB resale prices continued to rise, albeit at a slower pace, the private residential market displayed varied trends across condominiums and landed properties. Explore the details of how the market performed in Q3 2024 in our estimates below:

REA Preview of Public Residential Property Resale Price

REA HDB Resale Price Index grew by 1.8% in Q3 2024, reflecting a slight cooling from the 2.3% growth observed in Q2 2024. Despite this moderation, the public housing sector continues to show positive momentum, indicating sustained demand for resale flats.  

REA Preview of Private Residential Property Sale & Rent

Condominiums 

REA Condo Sale Price Index* showed a modest increase of 0.4% in Q3 2024, up from 0.6% growth in the previous quarter. The performance, however, varied across regions: 

• Core Central Region (CCR): Prices remained relatively stable, showing a minor decline of 0.05%, an improvement from the 0.3% decline in Q2 2024. 
• Rest of Central Region (RCR): Prices grew by 1.1%, down from 1.6% growth in Q2 2024. 
• Outside Central Region (OCR): Prices fell by 0.3%, a reversal from the 0.2% growth in the previous quarter. 

Meanwhile, the REA Condo Rent Price Index saw a slight recovery with a 0.3% increase in Q3 2024, following a 0.8% decline in Q2 2024. 

• CCR: Rental prices declined by 0.4%, a further drop from the 0.1% decline seen in the previous quarter. 
• RCR: strong rebound, with prices increasing by 0.6%, a significant improvement from the 1.4% decline in Q2 2024. 
• OCR: prices rose by 0.4%, reversing the 1.3% decline in the previous quarter.

Landed Properties 

REA Landed Sale Price Index experienced a sharp decline of 1.1% in Q3 2024, following the significant growth of 1.9% recorded in the previous quarter. This suggests a cooling of the landed property market after the strong performance earlier this year. 

About REA Quarterly Market Preview 

The REA Quarterly Market Preview Reports are compiled based on REA Property Price Index (REA PPI), utilising data from a real-time database to track property value changes across key regions. This index provides essential early insights for buyers, sellers, and investors into the property market performance. Read more about our index here. 

Data presented in this report is accurate as of 30 September 2024. 

*Condo Price Index excludes Executive Condominiums that have less than 10 years MOP.

Disclaimer: Our real-time database is updated every time a transaction is submitted by an agency. While we strive to maintain the accuracy and completeness of the data, please note that transactions may not always be completed, information provided are not final and may be subject to change or error. Readers are advised to interpret the preview data with caution. 

To know more about our data-driven real estate solutions, contact us here or reach out to our customer support team at:

• Call or WhatsApp: +65 9751 2217 (Customer Support) 
• Email: help@realestateanalytics.sg  

Continue to read other relevant articles:

REA Preview for 2nd Quarter 2024 Singapore Residential Property Market

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