Singapore Property Market Trends: What to Expect in 2024

The Singapore property market shows remarkable resilience with several key trends shaping the landscape in 2024. Understanding these dynamics is crucial for buyers, sellers, and investors navigating the current environment.

Price Movement Analysis

Private Residential

+2.5% Q3 2024

Private residential prices expected to stabilize with modest growth of 2-4% annually. Premium districts showing stronger performance.

HDB Resale

+5.2% Q3 2024

HDB resale prices continue upward trajectory, supported by strong demand and limited BTO supply in mature estates.

Supply and Demand Dynamics

New Supply 2024

15,000-18,000 Private Units

23,000 HDB Units (BTO + SBF)

Healthy supply pipeline with focus on non-landed private residential and BTO launches in mature estates.

Demand Drivers

Population growth (+1.1% annually)
Foreign investment resumption
HDB upgraders to private market
Expat influx in financial sector

District Performance Breakdown

Core Central Region (CCR)

Premium Segment $2,500 - $4,500 PSF

Luxury segment remains strong with international buyers returning

Limited new supply maintaining price stability

Expected growth: 1-3% annually

Rest of Central Region (RCR)

Most Active $1,800 - $2,800 PSF

Highest transaction volumes, popular with locals and PRs

Strong demand for family-sized units

Expected growth: 3-5% annually

Outside Central Region (OCR)

Best Value $1,200 - $2,000 PSF

Best value proposition for first-time buyers

Strong rental demand from families and young professionals

Expected growth: 2-4% annually

Key Market Drivers

Positive Factors

Stable interest rate environment (3-4%)
Strong economic fundamentals
Government's pro-business policies
Limited land supply maintaining scarcity value
Population growth and immigration

Factors to Monitor

Global economic uncertainties
Potential additional cooling measures
Competition from REITs and digital assets
Supply increase in certain market segments
Geopolitical tensions affecting foreign investment

2024 Market Forecast

We expect a stable but selective market in 2024. Quality properties in prime locations will continue to outperform, while buyers become more discerning about value propositions. The focus shifts from rapid price appreciation to sustainable, long-term growth.

Strategic Recommendations

For Buyers

Focus on well-located properties near transport nodes
Take advantage of stable interest rates for financing
Consider emerging districts with development potential
Negotiate based on market conditions and property specifics

For Sellers

Ensure property is well-maintained and staged
Price competitively based on recent comparable sales
Time the market entry carefully
Implement comprehensive marketing strategy

For Investors

Diversify across property types and locations
Focus on rental yield sustainability
Monitor global economic trends
Maintain adequate cash reserves