HDB resale prices rise 9.6% in 2024 amid strong demand

Housing and Development Board (HDB) resale prices continued to rise in the last quarter of 2024, albeit at a slower pace of 2.5 per cent compared with the 2.7 per cent recorded in Q3.

Resale flat prices for 2024 also rose by 9.6 per cent, HDB flash estimates indicated on Thursday (Jan 2).

Meanwhile, transaction volumes of resale flats stood at 6,314 units as at Dec 30, down 3.6 per cent from the same period the previous year.

For the full year up to Dec 30, total resale volume stood at 28,876 units, up 8 per cent from the 26,735 units recorded in the corresponding period the year before.

"The resale prices in Q4 2024 continued to be driven by a strong broad-based demand, as well as some supply tightness in the market," said HDB.

It added that this also reflects the market conditions after the lowering of the loan-to-value limit for HDB housing loans to 75 per cent from 80 per cent.

This was rolled out on Aug 20 to cool the market and encourage greater prudence among homebuyers.

HDB also said it launched a total of 21,225 new flats, comprising 19,637 Build-To-Order (BTO) flats and 1,588 flats offered under the Sale of Balance Flats (SBF) exercise.

In February 2025, the agency will launch about 5,000 BTO flats in Kallang/Whampoa, Queenstown, Woodlands and Yishun.

It will also offer the largest SBF exercise with more than 5,500 flats across various towns or estates.

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."

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This article was first published in The Business Times. Permission required for reproduction.