Details of the spike in condo prices in Singapore for Q4 2024

As of the latest available data, here are some key points regarding the Singapore property market, particularly focusing on the trends and changes observed in the fourth quarter of 2024:

Price Trends

• Overall private housing prices in Singapore experienced a decline in the third quarter of 2024, marking the first decrease since the second quarter of 2023. However, this does not necessarily indicate a spike in the fourth quarter but rather a moderation in price growth. For the first three quarters of 2024, overall private housing prices increased by 1.6%, a significant moderation from the 3.9% gain over the same period in 2023.

Regional Performance

• In the Core Central Region (CCR), prices of non-landed properties decreased by 1.1% in the third quarter of 2024, extending the 0.3% decrease in the previous quarter.
• In the Rest of Central Region (RCR), prices increased by 0.8% in the third quarter, moderating from the 1.6% increase in the previous quarter.
• In the Outside Central Region (OCR), prices remained unchanged in the third quarter, following a 0.2% increase in the previous quarter.

Sales Transactions

• While there was no significant spike in prices, sales transactions showed some signs of picking up. In the third quarter of 2024, developers sold 1,160 private residential units, compared to 725 units in the previous quarter. Resale transactions also accounted for a significant portion of all sale transactions, indicating continued activity in the market.

Market Outlook

• The market is expected to remain cautious due to elevated mortgage rates and global economic uncertainties. However, there are indications that buyers are starting to re-enter the market, especially in the resale segment, which could suggest a potential stabilization or slight increase in activity in the fourth quarter.

In summary, while there is no dramatic spike in prices observed in the fourth quarter of 2024, the market is showing signs of stabilization and moderate activity, particularly in the resale segment and outside central regions.