More HDB upgraders switch to private housing in 2024

More Housing Board flat upgraders made the switch to private housing in 2024 as mortgage rates moderated and resale HDB flat prices grew at a much faster pace than that of private homes.

- Grace Leong

A total of 5,420 new and resale non-landed private homes were bought by those with HDB addresses in 2024, up 7.1 per cent from 5,060 in 2023, according to PropNex.

It was a rebound from 2023, which saw a 20.6 per cent drop from 6,372 transactions in 2022.

More HDB upgraders opted to buy resale private properties in the suburbs for space and the lower price point, analysts said.

With buying appetite returning in the fourth quarter of 2024 amid lower interest rates, developers are likely to push ahead with more launches in 2025.

This could have implications for the overall market —in particular the suburban market, which is popular with HDB upgraders as more than 5,600 new condominiums and executive condominiums (ECs) are expected to be launched in the suburbs in 2025, according to OrangeTee Group.

Projects in the suburbs would account for around 43 per cent of an estimated 12,973 new units expected to be launched in 2025, which would be nearly twice the 6,647 units launched in 2024.

In 2024, those with private addresses bought a total of 11,043 new and resale non-landed private homes. This was a 5.8 per cent increase from 2023's figure of 10,438, which was down 10.2 per cent from 11,618 in 2022.