SINGAPORE: Housing and Development Board (HDB) flats prices rose 2.3 percent in the second quarter of 2024, an increase from the 1.8 per cent rise seen in the previous quarter.
The Resale Price Index (RPI) for the second quarter of 2024 is 187.9, up from 183.7 in the previous quarter, according to data released by HDB on Friday (Jul 26).
The RPI reflects general price movements in the resale market.
Resale transactions also increased for the second quarter of 2024, rising by 4 per cent, from 7,068 cases in Q1 to 7,352 cases in Q2.
Resale transactions in the second quarter of 2024 were 12.9 per cent higher compared to the same period in 2023.
The increase in the resale prices and volume this quarter was driven by a "strong broad-based demand, as well as some supply tightness in the market with fewer new flats meeting the Minimum Occupation Period in 2024 as compared to 2023", said HDB.
HDB noted that resale transactions for the quarter that have surpassed the million-dollar mark continued to make up a small proportion of total resale transactions.
The authority added that "the vast majority of resale flats were transacted at a much lower price and remained affordable".
HDB said it will offer about 8,500 flats across 15 Build-To-Order (BTO) projects in the October 2024 BTO exercise.
The new BTO projects will be offered as Standard, Plus or Prime flats based on their specific locational attributes, with more details shared during the launch.
For those interested in participating in the October 2024 exercise, HDB said they are encouraged to apply for a valid HDB Flat Eligibility (HFE) letter early and submit all required documents by Sep 15.
The housing board added that it is on track to launch a total of 100,000 flats from 2021 to 2025.
"HDB is committed to providing affordable and accessible housing options to Singaporeans.
"We will continue to monitor the housing demand closely, making adjustments where necessary," it said.
Approved rental applications of HDB flats rose by 1.7 per cent from 9,398 cases in the first quarter of 2024 to 9,554 cases in the second quarter.
However, the number of approved applications was down 2.9 per cent compared to the same period in 2023.
There were 58,596 HDB flats rented out at the end of the second quarter of 2024, HDB said, adding that this was an increase of 0.4 per cent over the previous quarter.
HDB said that while "overall economic conditions are sound, the global economic outlook is subject to uncertainties, particularly stemming from ongoing geopolitical instabilities that could precipitate global supply and demand shocks".
Domestic mortgage rates are expected to remain elevated relative to the low level seen over the last decade.
It also advised that households should exercise prudence in their property purchases and ensure that they can service their mortgages over the long term.
"The government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market," HDB said.
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The Resale Price Index (RPI) for the second quarter of 2024 is 187.9, up from 183.7 in the previous quarter, according to data released by HDB on Friday (Jul 26).
The RPI reflects general price movements in the resale market.
Resale transactions also increased for the second quarter of 2024, rising by 4 per cent, from 7,068 cases in Q1 to 7,352 cases in Q2.
Resale transactions in the second quarter of 2024 were 12.9 per cent higher compared to the same period in 2023.
The increase in the resale prices and volume this quarter was driven by a "strong broad-based demand, as well as some supply tightness in the market with fewer new flats meeting the Minimum Occupation Period in 2024 as compared to 2023", said HDB.
HDB noted that resale transactions for the quarter that have surpassed the million-dollar mark continued to make up a small proportion of total resale transactions.
The authority added that "the vast majority of resale flats were transacted at a much lower price and remained affordable".
FLAT SUPPLY
HDB said it will offer about 8,500 flats across 15 Build-To-Order (BTO) projects in the October 2024 BTO exercise.
The new BTO projects will be offered as Standard, Plus or Prime flats based on their specific locational attributes, with more details shared during the launch.
For those interested in participating in the October 2024 exercise, HDB said they are encouraged to apply for a valid HDB Flat Eligibility (HFE) letter early and submit all required documents by Sep 15.
The housing board added that it is on track to launch a total of 100,000 flats from 2021 to 2025.
"HDB is committed to providing affordable and accessible housing options to Singaporeans.
"We will continue to monitor the housing demand closely, making adjustments where necessary," it said.
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RENTAL MARKET
Approved rental applications of HDB flats rose by 1.7 per cent from 9,398 cases in the first quarter of 2024 to 9,554 cases in the second quarter.
However, the number of approved applications was down 2.9 per cent compared to the same period in 2023.
There were 58,596 HDB flats rented out at the end of the second quarter of 2024, HDB said, adding that this was an increase of 0.4 per cent over the previous quarter.
MARKET OUTLOOK
HDB said that while "overall economic conditions are sound, the global economic outlook is subject to uncertainties, particularly stemming from ongoing geopolitical instabilities that could precipitate global supply and demand shocks".
Domestic mortgage rates are expected to remain elevated relative to the low level seen over the last decade.
It also advised that households should exercise prudence in their property purchases and ensure that they can service their mortgages over the long term.
"The government will continue to monitor the property market closely and adjust its policies as necessary to promote a stable and sustainable property market," HDB said.
Continue reading...