News > Singapore Property Market Snapshot - August 2024

Singapore Property Market Snapshot - August 2024

18 September 2024

Explore how Singapore Property Market performed in August 2024 below:

Hot Topics in Singapore Property Market August 2024

1. Singapore Implements Measures to Curb Property Market Speculation and Promote Housing Inclusivity.

Singapore tightens HDB loan limits to cool red-hot property market. The reduction aims to curb irrational transactions and prevent overheating. The measure includes lowering the loan-to-value limit and increasing grants for low- and medium-income families. These targeted actions aim to stabilize prices and promote inclusivity in the housing market, while potentially impacting private housing transactions. Read more >>

2. Opposition parties in Singapore support PM Lawrence Wongs policy shifts, calling for deeper reforms in housing and employment to address societal concerns.

They highlighted similarities with their own proposals for deeper reforms in public housing policies. The parties emphasized the need for more comprehensive changes to address concerns among singles regarding housing access and called for additional support for lower- and middle-income workers who lose their jobs. Read more >>

3. Singapores Rental Market: Transitioning Towards Tenant-Friendly Conditions with Stabilised Prices in 2024.

Singapores rental market experienced record highs during the pandemic, but 2023 brought a shift with prices stabilising and even decreasing. The supply of rental units increased, leading to a decline in demand and landlords lowering prices to avoid vacancies. Despite this, 85% of renters still find prices too high. While rental prices are expected to remain stable in 2024, they are unlikely to return to pre-pandemic levels. Read more >>

4. Singapores Lease Buyback Scheme: A Valuable Option for Seniors Ensuring Financial Security in Retirement.

Singapores Lease Buyback Scheme, allowing seniors to sell part of their flats lease back to HDB for retirement funds, remains relevant despite rising property prices. Analysts emphasize its benefits for those wishing to age in place and customize their liquidity needs. The scheme offers stability against housing price fluctuations and addresses the risk of lease decay. While not suitable for all, it provides a valuable option for seniors with older or smaller flats, ensuring financial security and housing stability in retirement. Read more >>

Price Indexes

*Index value is 1 at year 2008

Price Indexes shown are powered by REA Property Price Index - an accurate and objective indicator of the real estate market performance. Read more about our index here.

1. Residential Property Price Index (Condo, HDB, Landed)

2. Commercial Price Index (Office)

Residential Property Snapshot

1. Top 5 Districts with highest Month on Month (M-o-M) Index Change

2. Top 5 most popular Condo projects in August 2024

For Condo new sale, the most popular projects with highest transaction volume in August are: Tembusu Grand, North Gaia, Hillock Green, Lentoria and Lentor Hills Residences.

For Condo resale, the most popular projects are: Cuscaden Reserve, Parc Esta, Jadescape, The Tapestry and A Treasure Trove.

Definitions by URA :

*New Sale: The sale of a unit direct by a developer before the issuance of the Certificate of Statutory Completion and the Subsidiary Strata Certificates of Title or the Certificates of Title for all the units in the development.

*Resale: The sale of a unit by a developer or subsequent purchaser after the issuance of the Certificate of Statutory Completion and the Subsidiary Strata Certificates of Title or the Certificates of Title for all the units in the development.

3. Top 5 most popular projects (HDB) in August 2024

The most popular HDB projects with highest transaction volume in August are: Macpherson Spring, West Edge @ Bukit Batok, Tampines Greenridges, Saint George's Towers, and Compassvale Mast.

4. Top 5 highest transacted price (Condo) in August 2024

The most expensive Condo transaction in August 2024 is a 4-bedroom unit on low floor at 32 Gilstead Condo, which was sold at $14.71 million for a total area of 4,198 sqft ($3,505 PSF). This is also the highest price ever transacted at 32 Gilstead Condo since its launch in July 2024

5. Top 5 Transactions by Annualised Capital Gain/Loss in August 2024

The most profitable Condo transaction in August 2024 happened at Four Seasons Park Condo in D10 after being held for nearly 4 years, recording a 24.2% annualised gain.

The highest annual loss percentage of the month was seen in a transaction of a 1-bedroom unit at The Peak @ Cairnhill I Condo, which recorded 4% annual loss.

Residential Listings (Condo, HDB, Landed) March - August 2024

*New Listing: the total number of listings that are newly added in that particular time period

Commercial Snapshot

1. Top 5 Office and Retail Sale (by volume and transacted price) (June - August 2024)

2. Top 5 Shophouses with Highest Transacted Price (Sale and Rent) in August 2024

*The data presented in this monthly report is accurate as of 18 September 2024. While we strive to provide the most up-to-date information available, it is important to note that there may be a small percentage of transactions that experience delays in reporting from the respective agencies and government sources. Therefore, the data provided should be interpreted with this in mind, and you are encouraged to verify the latest information for your specific needs.

*All analytical and visually interpreted data in this report is powered by RealAgent , a comprehensive app for real estate professionals. It offers a blend of property information, real-time transaction data, and advanced analytics, ensuring accurate and up-to-date insights for our report. Find out more about RealAgent here.

Download the full report (PDF) here: 082024 - Singapore Property Market Snapshot.pdf

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Continue to read our previous monthly reports:

Singapore Property Market Snapshot - July 2024

Singapore Property Market Snapshot - June 2024

Singapore Property Market Snapshot - May 2024

S ingapore Property Market Snapshot - April 2024