Singapore resale condo projected growth

For the resale condo market in Singapore, here are some key trends and projections:

Price Growth

The overall average resale price for condos in Singapore has shown steady growth. From 2022 to the latest data, the average resale price increased by 7.2%, from $1,516 per square foot (psf) to $1,625 psf.

District-Specific Growth

Different districts have experienced varying levels of price growth. For instance, District 26 saw an 11.8% year-on-year increase in resale prices last year, driven by new launches such as Lentor Mansion. Districts 18 and 14 also saw significant growth, with increases of 11.4% and 11.3%, respectively.

Market Dynamics

Since 2023, there has been an influx of newly completed resale homes, which has drawn buyers away from the new home market. These newly completed homes, being in pristine condition, have been attractive to buyers, influencing the resale market dynamics.

Supply and Demand

The supply of new homes is expected to decrease in 2025, with approximately 5,300 private homes to be completed, down from the 9,100 units expected in previous years. This reduction in supply could potentially support continued price stability or growth in the resale market.

Overall, while the market is subject to various factors, the current trends suggest that the resale condo market in Singapore is likely to remain stable or see moderate growth, driven by demand and the relative scarcity of new supply.