Resale flat prices up 9.7% in 2024; rise set to continue in 2025

HDB says prices were driven by strong broad-based demand, tight market supply

- Isabelle Liew

Prices of Housing Board resale flats climbed 9.7 per cent in 2024, with analysts expecting resale prices to continue to rise in 2025.

Price growth in 2024 outpaced the 4.9 per cent increase recorded in 2023. But price growth in the last three months of 2024 slowed - rising 2.6 per cent, lower than the 2.7 per cent growth in the preceding quarter, according to data released by HDB on Jan 24.

Fewer resale flats were sold in the fourth quarter of 2024, with the number falling by 21.1 per cent to 6,424 units, from 8,142 units in the third quarter.

In all, 28,986 resale flats changed hands in 2024 - 8.4 per cent higher than the 26,735 flats in 2023.

Resale prices have risen continuously on a quarterly basis since the second quarter of 2020. Property analysts expect resale prices to continue to rise in 2025, as fewer new flats meet their minimum occupation period (MOP) compared with the year before.

Mr Mohan Sandrasegeran, head of research and data analytics at Singapore Realtors Inc, said that an estimated 6,974 flats will meet their MOP in 2025, and the tighter supply will contribute to rising prices.