A few weeks back, we discussed how the HDB resale market in January saw the highest million-dollar sales in history, totaling to 74 transactions. However, while the public housing sector flourished, the private home sales segment painted a starkly different picture.
In this article, we’re taking a look at the private home sales for the same month, uncovering the reasons behind its unprecedented dip.
Sales performance in January 2024
In January 2024, the private home sales volume hit a significant low, recording the lowest figures seen in 15 years.
Despite this sobering statistic, there was a notable upswing in new private home sales, more than doubling from December last year.
Excluding executive condominiums (ECs), developers managed to move 281 units, representing a staggering 108.1% increase from the previous month, albeit signalling a 28.7% decline from January 2023.
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Breaking down sales figures over CCR, OCR, and RCR
Of the total sales, 25 units were located in the Core Central Region (CCR), 112 units in the Rest of Central Region (RCR), and 144 units in the Outside Central Region (OCR).
Exploring properties in different districts? Check out our article here for a comprehensive breakdown of the estates and their pricing trends: Singapore’s 28 districts mapped across Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR)
New launches and projects for you in
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What drove private home sales to double in January?
The surge in sales compared to December can be attributed to the continuation of property launches following a slight pause over the year-end holidays.
Notably, developers unveiled two major non-landed projects, Hillhaven and The Arcady at Boon Keng, in January 2024. These launches significantly bolstered the number of available units, consequently driving up sales figures compared to the preceding month.
Looking for upcoming new launches this year? Head on over for a read here: Prominent condo launches in 2024 – Discover upcoming new launches in Singapore
Then why the overall drop in sales?
Despite the surge in January, various factors continue to impact buyer sentiment, leading to an overall drop in sales.
Market cooling measures, economic uncertainties, high interest rates, and lofty prices contribute to this sentiment.
However, there’s a silver lining among this.
Amidst these challenges, positive trends such as low unemployment and anticipated improvements in the economic and interest rate environment in the second half of 2024. This is expected to bolster buyers’ confidence in the prevailing market conditions.
In fact, more young Singaporeans are taking loans to buy private homes despite the elevated interest rate environment. According to ERA, the number of private home buyers aged between 26 and 35 has tripled since 2015, accounting for 35% of new private home transactions in Singapore last year.
Rather take a look at recently MOP-ed BTO projects? Dive into our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT
What’s the private property market outlook for the rest of 2024?
Looking ahead, sales are expected to dip in February due to the absence of major launches and the Chinese New Year period.
However, a surge is anticipated again in March and April, with several eagerly awaited project launches scheduled during this period. These include launches from Arina East Residences, Ardor Residence, The Hillshore, Koon Seng House, Lentoria, Lentor Mansion, and The Hill @ One-North.
Despite the slow start in January, projections suggest a sales volume ranging between 7,000 to 8,000 units for the year, accompanied by a modest 3% to 5% increase in property prices.
Looking for new launches less than 1km away from popular schools? Read on here: New launch condos, within 1km or 1-2km of popular primary schools, TOP-ing in 2024-2025
Read more: Singapore Property Market Review 2023
Planning on selling your property? Let us connect you with a premium agent today.
This article is a product of 99.co and is based on information gathered from various sources, including CNA and Business Times. The usage of these sources was done in good faith to provide valuable insights. The sources of the referenced content are duly credited and we recommend readers to refer them for a comprehensive understanding of the topic.
About Sophiyanah David
Sophi, a seasoned copywriter specialising in Singaporean real estate and property, is one of the minds behind 99.co's informative articles. Like her colleagues at 99.co, Sophi is dedicated to keeping you informed about the ever-changing world of real estate so you can find your forever home. When off the clock, you can find her giggling and kicking her feet as she reads her romance novels, watching anime - if FMBA is not your fave, she might fight you (but you'll probably win) and looking up latest skincare trends.
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