{"id":71696,"date":"2023-12-13T17:43:33","date_gmt":"2023-12-13T09:43:33","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=71696"},"modified":"2023-12-13T17:43:33","modified_gmt":"2023-12-13T09:43:33","slug":"private-property-market-trends-2024","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/private-property-market-trends-2024\/","title":{"rendered":"Evolving dynamics in Singapore&#8217;s private housing market in 2024"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\r\n<p>2024 is set to be a pivotal year for new property launches. <a href=\"https:\/\/www.straitstimes.com\/business\/invest\/key-private-property-market-trends-to-watch-in-2024\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Thirty-one developments are poised to enter the market, offering over 12,000 new private homes<\/a>. The projected launch of 23 projects will introduce approximately 8,800 units, marking a significant uptick from 2023. Large projects, ranging between six to nine, are expected to dominate these launches, potentially driving sales higher.<\/p>\r\n<hr \/>\r\n\r\n\r\n<h2 id=\"h-market-overview-and-recent-developments\" class=\"wp-block-heading\">Market overview and recent developments<\/h2>\r\n\r\n\r\n\r\n<p>The recent years have witnessed a significant catch-up in housing supply, with approximately 28,600 new homes completed in 2022 and 2023. Current property measures and tightened mortgage rules have moderated property price growth, which declined from 8.6% in 2022 to an estimated range of 4% to 5.5% in 2023.<\/p>\r\n\r\n\r\n\r\n<p>This shift signals a market adjusting to new economic realities.<\/p>\r\n<hr \/>\r\n\r\n\r\n<h2 id=\"h-predictions-for-2024\" class=\"wp-block-heading\">Predictions for 2024<\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2023\/12\/SingaporePrivatePropertyNoelleKohUnsplash-e1702455508309.jpg\" class=\"img-link media-img img-link media-img\"><img decoding=\"async\" class=\"alignnone wp-image-71704\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2023\/12\/SingaporePrivatePropertyNoelleKohUnsplash-e1702455508309.jpg\" alt=\"private property market trends 2024\" width=\"1200\" height=\"800\" \/><\/a>\r\n<figcaption class=\"wp-element-caption\">(Image credit: Noelle Koh on Unsplash)<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>The year 2024 is expected to see modest price growth in the private residential market, influenced by a blend of market stability and improving economic conditions. <a href=\"https:\/\/www.cnbc.com\/2023\/11\/22\/singapore-expects-economy-to-grow-1percent-to-3percent-next-year-narrows-2023-outlook.html#:~:text=Singapore's%20economy%20is%20expected%20to,also%20be%20nearing%20an%20end.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">The Ministry of Trade and Industry (MTI) projects the economy to grow between 1% and 3%, buoyed by the recovery in sectors like travel, tourism, and electronics<\/a>. Lower interest rates, forecasted by many economists, could further ease borrowing costs, enhancing housing affordability.<\/p>\r\n\r\n\r\n\r\n<p>Private home sales are projected to remain robust, with an estimated 16,000 to 19,000 units sold, and price growth forecasted between 3% and 6%.<\/p>\r\n<hr \/>\r\n\r\n\r\n<h2 id=\"h-new-home-sales-and-launches\" class=\"wp-block-heading\">New home sales and launches<\/h2>\r\n\r\n\r\n\r\n<p>2024 is set to be a pivotal year for new property launches. Thirty-one developments are poised to enter the market, offering over 12,000 new private homes. The projected launch of 23 projects will introduce approximately 8,800 units, marking a significant uptick from 2023.<\/p>\r\n\r\n\r\n\r\n<p>[xyz-ihs snippet=&#8221;Property-Value-Widget-Code&#8221;]<\/p>\r\n\r\n\r\n\r\n<p>Large projects, ranging between six to nine, are expected to dominate these launches, potentially driving sales higher.<\/p>\r\n<hr \/>\r\n\r\n\r\n<h2 id=\"h-luxury-market-outlook\" class=\"wp-block-heading\">Luxury market outlook<\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2023\/12\/SingaporePrivatePropertyHongbinUnsplash-e1702455648450.jpg\" class=\"img-link media-img img-link media-img\"><img decoding=\"async\" class=\"alignnone wp-image-71705\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2023\/12\/SingaporePrivatePropertyHongbinUnsplash-e1702455648450.jpg\" alt=\"private property market trends 2024\" width=\"1200\" height=\"675\" \/><\/a>\r\n<figcaption class=\"wp-element-caption\">(Image credit: Hongbin on Unsplash)<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>Contrasting the broader market, the luxury segment in the <a href=\"https:\/\/www.99.co\/singapore\/insider\/property-jargon-of-the-day-core-central-region-ccr\/\">prime core central region (CCR)<\/a> will see a substantial reduction in new launches. However, notable projects like <a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/marina-view-residences\">Marina View Residences<\/a>, <a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/newport-residences\">Newport Residences<\/a>, and <a href=\"https:\/\/www.99.co\/singapore\/condos-apartments\/skywaters-residences\">Skywaters Residences<\/a> are set to make a mark in the luxury landscape.<\/p>\r\n<hr \/>\r\n\r\n\r\n<h3 id=\"h-resale-market-in-suburban-areas\" class=\"wp-block-heading\">Resale market in suburban areas<\/h3>\r\n\r\n\r\n\r\n<p>The suburban resale market is poised for moderate price growth due to a dwindling supply. With more than <a href=\"https:\/\/www.straitstimes.com\/business\/invest\/key-private-property-market-trends-to-watch-in-2024\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">19,000 private properties completed in 2023<\/a>, the number of completions is expected to drop by 48.2% to 9,875 homes in 2024. This decrease, especially pronounced in the suburbs, could exert upward pressure on resale prices, with a projected increase of 3% to 5%.<\/p>\r\n<hr \/>\r\n\r\n\r\n<h3 id=\"h-rental-market-forecast\" class=\"wp-block-heading\">Rental market forecast<\/h3>\r\n\r\n\r\n\r\n<p>The rental market is likely to see continued softening in 2024. The completion of almost 16,000 new homes from 2022 to 2024 will introduce new dynamics, especially in the city fringe and OCR regions.<\/p>\r\n\r\n\r\n\r\n    <section id=\"portal-widget-tab-panel-6a65b656587bd\" class=\"portal-widget-tab-panel\">\n        <div class=\"swiper-container\" id=\"swiper-container-6a65b656587bd\">\n                        <div class=\"row-title-widget\">\n                <div class=\"portal-widget-carousel-title-left\"><h4 class=\"portal-widget-title\">Properties for rent<\/h4><\/div>\n                <div class=\"portal-widget-carousel-title-right text-right\"><span class=\"portal-widget-see-all-link link-top\"><a href=\"\" class=\"nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent?bathrooms=any&amp;building_age=any&amp;composite_floor_level=any&amp;composite_furnishing=any&amp;composite_views=any&amp;features_and_amenities=any&amp;has_floor_plan=false&amp;isFilterUnapplied=false&amp;main_category=all&amp;map_bounds=1.5827095153768858%2C103.49449749970108%2C1.1090706240313446%2C104.12483807587296&amp;page_num=1&amp;page_size=35&amp;path=%2Fsingapore%2Frent&amp;period_of_availability=any&amp;price_range=250%2C5000&amp;property_segments=residential&amp;query_coords=1.3039947%2C103.8298507&amp;query_limit=radius&amp;query_type=city&amp;rental_type=all&amp;rooms=1%2C2%2C3&amp;show_cluster_preview=true&amp;show_description=true&amp;show_future_mrts=true&amp;show_internal_linking=true&amp;show_meta_description=true&amp;show_nearby=true&amp;zoom=11&utm_source=blog&utm_medium=widget\">See all listings<\/a><\/span><\/div>\n            <\/div>\n                        <div class=\"portal-widget-carousel swiper-wrapper\">\n                                    <div class=\"portal-widget-carousel__card swiper-slide\">\n                            <div class=\"portal-widget-formatted-tags\">\n                    <span class=\"\"\n                  style=\"color:#1757d7;\n                          background-color:#F0F6FF;\">DIVERSITY FRIENDLY<\/span>\n                <\/div>\n                        <div class=\"card-image\">\n                            <img decoding=\"async\" src=\"https:\/\/pic2.99.co\/v3\/pYR8tL2KkNciVr6f94C2oF?text=Adeline+Lee&sampling=lanczos&version=1&height=600&width=800&mode=fill&quality=80&convert_if_png=true&signature=240b5d330fb9b24cb9baea5e4e3ed46b1f82886c\" alt=\"146 Potong Pasir Avenue 1 Photo\">\n                        <\/div>\n                        <div class=\"card-description\">\n                            <div class=\"card-text card-title\">146 Potong Pasir Avenue 1<\/div>\n                            <div class=\"card-text card-subtitle\">Singapore 350146 \u00b7 D13<\/div>\n                            <div class=\"card-text card-room\">\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bed-icon.svg\" alt=\"bedroom\">\n                                    <span>3<\/span>\n                                <\/div>\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bath-icon.svg\" alt=\"bathroom\">\n                                    <span>2<\/span>\n                                <\/div>\n                                <div >\n                                    <span>893 sqft<\/span>\n                                <\/div>\n                            <\/div>\n                            <div class=\"card-text card-price\">S$ 3,700<\/div>\n                        <\/div>\n                        <div class=\"card-button\">\n                            <button class=\"btn-view-listing nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent\/property\/146-potong-pasir-avenue-1-hdb-4d8HCvFskMKefdGFCdtfJE?utm_source=blog&utm_medium=widget\">View this listing<\/button>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"portal-widget-carousel__card swiper-slide\">\n                            <div class=\"portal-widget-formatted-tags\">\n                    <span class=\"\"\n                  style=\"color:#1757d7;\n                          background-color:#F0F6FF;\">PARTIALLY FURNISHED<\/span>\n                <\/div>\n                        <div class=\"card-image\">\n                            <img decoding=\"async\" src=\"https:\/\/pic2.99.co\/v3\/i2CwajnvdwqD7Vz8ojmYLN?text=Jerry+Lee&sampling=lanczos&version=1&height=600&width=800&mode=fill&quality=80&convert_if_png=true&signature=f0228c19e9549c0ed36033cf285fa13d213d6aa4\" alt=\"Dairy Farm Residences Photo\">\n                        <\/div>\n                        <div class=\"card-description\">\n                            <div class=\"card-text card-title\">Dairy Farm Residences<\/div>\n                            <div class=\"card-text card-subtitle\">8 Dairy Farm Lane \u00b7 D23<\/div>\n                            <div class=\"card-text card-room\">\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bed-icon.svg\" alt=\"bedroom\">\n                                    <span>2<\/span>\n                                <\/div>\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bath-icon.svg\" alt=\"bathroom\">\n                                    <span>2<\/span>\n                                <\/div>\n                                <div >\n                                    <span>764 sqft<\/span>\n                                <\/div>\n                            <\/div>\n                            <div class=\"card-text card-price\">S$ 3,800<\/div>\n                        <\/div>\n                        <div class=\"card-button\">\n                            <button class=\"btn-view-listing nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent\/property\/dairy-farm-residences-condo-9uoovk9Gci4erECYL384JT?utm_source=blog&utm_medium=widget\">View this listing<\/button>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"portal-widget-carousel__card swiper-slide\">\n                            <div class=\"portal-widget-formatted-tags\">\n                    <span class=\"\"\n                  style=\"color:#1757d7;\n                          background-color:#F0F6FF;\">FULLY FURNISHED<\/span>\n                <\/div>\n                        <div class=\"card-image\">\n                            <img decoding=\"async\" src=\"https:\/\/pic2.99.co\/v3\/9Z8Vkeassj8CLAQQdYidDX?text=Geeta+Sahni&sampling=lanczos&version=1&height=600&width=800&mode=fill&quality=80&convert_if_png=true&signature=0e9d25780c02ad9dd68d72f900ad9a40232fb5ec\" alt=\"Riversails Photo\">\n                        <\/div>\n                        <div class=\"card-description\">\n                            <div class=\"card-text card-title\">Riversails<\/div>\n                            <div class=\"card-text card-subtitle\">18 Upp Serangoon Cres \u00b7 D19<\/div>\n                            <div class=\"card-text card-room\">\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bed-icon.svg\" alt=\"bedroom\">\n                                    <span>3<\/span>\n                                <\/div>\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bath-icon.svg\" alt=\"bathroom\">\n                                    <span>3<\/span>\n                                <\/div>\n                                <div >\n                                    <span>1,066 sqft<\/span>\n                                <\/div>\n                            <\/div>\n                            <div class=\"card-text card-price\">S$ 4,200<\/div>\n                        <\/div>\n                        <div class=\"card-button\">\n                            <button class=\"btn-view-listing nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent\/property\/riversails-condo-oMLvZdVkYtMoovGrpqBneU?utm_source=blog&utm_medium=widget\">View this listing<\/button>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"portal-widget-carousel__card swiper-slide\">\n                            <div class=\"portal-widget-formatted-tags\">\n                    <span class=\"\"\n                  style=\"color:#1757d7;\n                          background-color:#F0F6FF;\">FULLY FURNISHED<\/span>\n                <\/div>\n                        <div class=\"card-image\">\n                            <img decoding=\"async\" src=\"https:\/\/pic2.99.co\/v3\/2mt5y5BCJhybSMQnhYbSsX?text=MAX+LIM&sampling=lanczos&version=1&height=600&width=800&mode=fill&quality=80&convert_if_png=true&signature=54be93e763a25e0f8de0d4c46124ebd12ebc32cc\" alt=\"The Peak @ Cairnhill II Photo\">\n                        <\/div>\n                        <div class=\"card-description\">\n                            <div class=\"card-text card-title\">The Peak @ Cairnhill II<\/div>\n                            <div class=\"card-text card-subtitle\">61 Cairnhill Circle \u00b7 D9<\/div>\n                            <div class=\"card-text card-room\">\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bed-icon.svg\" alt=\"bedroom\">\n                                    <span>2<\/span>\n                                <\/div>\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bath-icon.svg\" alt=\"bathroom\">\n                                    <span>2<\/span>\n                                <\/div>\n                                <div >\n                                    <span>904 sqft<\/span>\n                                <\/div>\n                            <\/div>\n                            <div class=\"card-text card-price\">S$ 5,000<\/div>\n                        <\/div>\n                        <div class=\"card-button\">\n                            <button class=\"btn-view-listing nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent\/property\/the-peak-cairnhill-ii-condo-9pnzERyve39GK8jX8yMXLL?utm_source=blog&utm_medium=widget\">View this listing<\/button>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"portal-widget-carousel__card swiper-slide\">\n                            <div class=\"portal-widget-formatted-tags\">\n                    <span class=\"\"\n                  style=\"color:#1757d7;\n                          background-color:#F0F6FF;\">FULLY FURNISHED<\/span>\n                <\/div>\n                        <div class=\"card-image\">\n                            <img decoding=\"async\" src=\"https:\/\/pic2.99.co\/v3\/gAyPPx4KPpFC4eKtJCETie?text=Shijie&sampling=lanczos&version=1&height=600&width=800&mode=fill&quality=80&convert_if_png=true&signature=b8ebffdcc79ae8ca2661f512a8845b874ab382ab\" alt=\"61 Lorong 5 Toa Payoh Photo\">\n                        <\/div>\n                        <div class=\"card-description\">\n                            <div class=\"card-text card-title\">61 Lorong 5 Toa Payoh<\/div>\n                            <div class=\"card-text card-subtitle\">Singapore 310061 \u00b7 D12<\/div>\n                            <div class=\"card-text card-room\">\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bed-icon.svg\" alt=\"bedroom\">\n                                    <span>3<\/span>\n                                <\/div>\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bath-icon.svg\" alt=\"bathroom\">\n                                    <span>1<\/span>\n                                <\/div>\n                                <div >\n                                    <span>839 sqft<\/span>\n                                <\/div>\n                            <\/div>\n                            <div class=\"card-text card-price\">S$ 3,500<\/div>\n                        <\/div>\n                        <div class=\"card-button\">\n                            <button class=\"btn-view-listing nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent\/property\/61-lorong-5-toa-payoh-hdb-LMHRTP8gd6fNPTDnV4fGHG?utm_source=blog&utm_medium=widget\">View this listing<\/button>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"portal-widget-carousel__card swiper-slide\">\n                            <div class=\"portal-widget-formatted-tags\">\n                    <span class=\"\"\n                  style=\"color:#1757d7;\n                          background-color:#F0F6FF;\">DIVERSITY FRIENDLY<\/span>\n                <\/div>\n                        <div class=\"card-image\">\n                            <img decoding=\"async\" src=\"https:\/\/pic2.99.co\/v3\/zrTZNLswuYAELtvMBqUxwc?text=SG+Property+Home&sampling=lanczos&version=1&height=600&width=800&mode=fill&quality=80&convert_if_png=true&signature=a75aafe509039e049412f0df6604638b14a4e0f0\" alt=\"The Landmark Photo\">\n                        <\/div>\n                        <div class=\"card-description\">\n                            <div class=\"card-text card-title\">The Landmark<\/div>\n                            <div class=\"card-text card-subtitle\">173 Chin Swee Rd \u00b7 D3<\/div>\n                            <div class=\"card-text card-room\">\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bed-icon.svg\" alt=\"bedroom\">\n                                    <span>1<\/span>\n                                <\/div>\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bath-icon.svg\" alt=\"bathroom\">\n                                    <span>1<\/span>\n                                <\/div>\n                                <div >\n                                    <span>495 sqft<\/span>\n                                <\/div>\n                            <\/div>\n                            <div class=\"card-text card-price\">S$ 4,500<\/div>\n                        <\/div>\n                        <div class=\"card-button\">\n                            <button class=\"btn-view-listing nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent\/property\/the-landmark-condo-6gHfFKjPi7XRezrzbpjkLR?utm_source=blog&utm_medium=widget\">View this listing<\/button>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"portal-widget-carousel__card swiper-slide\">\n                            <div class=\"portal-widget-formatted-tags\">\n                    <span class=\"\"\n                  style=\"color:#1757d7;\n                          background-color:#F0F6FF;\">FULLY FURNISHED<\/span>\n                <\/div>\n                        <div class=\"card-image\">\n                            <img decoding=\"async\" src=\"https:\/\/pic2.99.co\/v3\/J5ADMgLYrByPqaELuB3Gcn?text=Michell+Pak&sampling=lanczos&version=1&height=600&width=800&mode=fill&quality=80&convert_if_png=true&signature=d5c3b42459cd451aff59f3644e12c6e76e0443c0\" alt=\"307C Anchorvale Road Photo\">\n                        <\/div>\n                        <div class=\"card-description\">\n                            <div class=\"card-text card-title\">307C Anchorvale Road<\/div>\n                            <div class=\"card-text card-subtitle\">Singapore 543307 \u00b7 D19<\/div>\n                            <div class=\"card-text card-room\">\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bed-icon.svg\" alt=\"bedroom\">\n                                    <span>3<\/span>\n                                <\/div>\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bath-icon.svg\" alt=\"bathroom\">\n                                    <span>2<\/span>\n                                <\/div>\n                                <div >\n                                    <span>1,200 sqft<\/span>\n                                <\/div>\n                            <\/div>\n                            <div class=\"card-text card-price\">S$ 3,400<\/div>\n                        <\/div>\n                        <div class=\"card-button\">\n                            <button class=\"btn-view-listing nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent\/property\/307c-anchorvale-road-hdb-XhKzAnAw3NVze8SZyEADkn?utm_source=blog&utm_medium=widget\">View this listing<\/button>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"portal-widget-carousel__card swiper-slide\">\n                            <div class=\"portal-widget-formatted-tags\">\n                    <span class=\"\"\n                  style=\"color:#1757d7;\n                          background-color:#F0F6FF;\">FULLY FURNISHED<\/span>\n                <\/div>\n                        <div class=\"card-image\">\n                            <img decoding=\"async\" src=\"https:\/\/pic2.99.co\/v3\/TLQbXG4HnQHfYAUFwEyVA2?text=Jagjit+Singh&sampling=lanczos&version=1&height=600&width=800&mode=fill&quality=80&convert_if_png=true&signature=e7b465d2a6aaeb2efc43e8a96f5b821da564c81e\" alt=\"Haig 162 Photo\">\n                        <\/div>\n                        <div class=\"card-description\">\n                            <div class=\"card-text card-title\">Haig 162<\/div>\n                            <div class=\"card-text card-subtitle\">162 Haig Rd \u00b7 D15<\/div>\n                            <div class=\"card-text card-room\">\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bed-icon.svg\" alt=\"bedroom\">\n                                    <span>1<\/span>\n                                <\/div>\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bath-icon.svg\" alt=\"bathroom\">\n                                    <span>1<\/span>\n                                <\/div>\n                                <div >\n                                    <span>365 sqft<\/span>\n                                <\/div>\n                            <\/div>\n                            <div class=\"card-text card-price\">S$ 2,700<\/div>\n                        <\/div>\n                        <div class=\"card-button\">\n                            <button class=\"btn-view-listing nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent\/property\/haig-162-condo-oLfiVUh7uWnvzqexFjWgvp?utm_source=blog&utm_medium=widget\">View this listing<\/button>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"portal-widget-carousel__card swiper-slide\">\n                            <div class=\"portal-widget-formatted-tags\">\n                    <span class=\"\"\n                  style=\"color:#1757d7;\n                          background-color:#F0F6FF;\">DIVERSITY FRIENDLY<\/span>\n                <\/div>\n                        <div class=\"card-image\">\n                            <img decoding=\"async\" src=\"https:\/\/pic2.99.co\/v3\/FZNHohiM4ASysrmQBj7S2F?text=Jessilin+Ling&sampling=lanczos&version=1&height=600&width=800&mode=fill&quality=80&convert_if_png=true&signature=cc0a8f392521944a10a9dd76de4d5e378f58a3a7\" alt=\"109 Bukit Purmei Road Photo\">\n                        <\/div>\n                        <div class=\"card-description\">\n                            <div class=\"card-text card-title\">109 Bukit Purmei Road<\/div>\n                            <div class=\"card-text card-subtitle\">Singapore 090109 \u00b7 D4<\/div>\n                            <div class=\"card-text card-room\">\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bed-icon.svg\" alt=\"bedroom\">\n                                    <span>1<\/span>\n                                <\/div>\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bath-icon.svg\" alt=\"bathroom\">\n                                    <span>1<\/span>\n                                <\/div>\n                                <div >\n                                    <span>600 sqft<\/span>\n                                <\/div>\n                            <\/div>\n                            <div class=\"card-text card-price\">S$ 2,690<\/div>\n                        <\/div>\n                        <div class=\"card-button\">\n                            <button class=\"btn-view-listing nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent\/property\/109-bukit-purmei-road-hdb-ftqYfHB7gwJPXLvjR4y6Zg?utm_source=blog&utm_medium=widget\">View this listing<\/button>\n                        <\/div>\n                    <\/div>\n                                    <div class=\"portal-widget-carousel__card swiper-slide\">\n                            <div class=\"portal-widget-formatted-tags\">\n                    <span class=\"\"\n                  style=\"color:#1757d7;\n                          background-color:#F0F6FF;\">FULLY FURNISHED<\/span>\n                <\/div>\n                        <div class=\"card-image\">\n                            <img decoding=\"async\" src=\"https:\/\/pic2.99.co\/v3\/3gXfcuBbrMhacu6G9jixX2?text=kris+poh&sampling=lanczos&version=1&height=600&width=800&mode=fill&quality=80&convert_if_png=true&signature=754d4f59888c6aeb6dafd800c4bc8b394e699f11\" alt=\"The Promenade @ Pelikat Photo\">\n                        <\/div>\n                        <div class=\"card-description\">\n                            <div class=\"card-text card-title\">The Promenade @ Pelikat<\/div>\n                            <div class=\"card-text card-subtitle\">183 Jln Pelikat \u00b7 D19<\/div>\n                            <div class=\"card-text card-room\">\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bed-icon.svg\" alt=\"bedroom\">\n                                    <span>1<\/span>\n                                <\/div>\n                                <div >\n                                    <img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/plugins\/nndc-portal\/public\/partials\/..\/images\/bath-icon.svg\" alt=\"bathroom\">\n                                    <span>1<\/span>\n                                <\/div>\n                                <div >\n                                    <span>452 sqft<\/span>\n                                <\/div>\n                            <\/div>\n                            <div class=\"card-text card-price\">S$ 2,700<\/div>\n                        <\/div>\n                        <div class=\"card-button\">\n                            <button class=\"btn-view-listing nndc-open-app-link\" data-url=\"https:\/\/www.99.co\/singapore\/rent\/property\/the-promenade-pelikat-condo-YZMKoCQybGienRFtaRuwCP?utm_source=blog&utm_medium=widget\">View this listing<\/button>\n                        <\/div>\n                    <\/div>\n                            <\/div>\n            <!-- Add Arrows -->\n            <div class=\"swiper-button-next\"><\/div>\n            <div class=\"swiper-button-prev\"><\/div>\n                    <\/div>\n    <\/section>\n\r\n<p>&nbsp;<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>In the luxury segment, the high foreign demand may mitigate a sharp rental correction. Overall, rental growth is expected to slow down significantly from the peak growth of 29.7% in 2022.<\/p>\r\n<p><em><strong>Read more: <\/strong><a href=\"https:\/\/www.99.co\/singapore\/insider\/singapores-districts-ccr-rcr-ocr\/\">Singapore\u2019s 28 districts mapped across Core Central Region (CCR), Rest of Central Region (RCR), and Outside Central Region (OCR)<\/a><\/em><\/p>\r\n<hr \/>\r\n<p>\r\n\r\n<\/p>\r\n<h3 id=\"h-additional-insights-on-hdb-rental-trends\" class=\"wp-block-heading\">Additional insights on HDB rental trends<\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p>In parallel with the private housing market, the HDB rental market is also experiencing notable shifts. In 2022, the number of HDB flats rented out decreased to 36,166 units, influenced partly by Malaysian workers returning to daily commutes instead of maintaining local tenancies.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>However, this trend is reversing in 2023, with a projected increase of 7.8% in HDB rentals, reaching approximately 39,000 units. This uptick is attributed to tenants displaced from the private residential market and HDB upgraders transitioning to new private residential projects.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2023\/12\/SingaporePrivatePropertySandipRoyUnsplash-e1702455294151.jpg\" class=\"img-link media-img img-link media-img\"><img decoding=\"async\" class=\"alignnone wp-image-71702\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2023\/12\/SingaporePrivatePropertySandipRoyUnsplash-e1702455294151.jpg\" alt=\"private property market trends 2024\" width=\"1200\" height=\"800\" \/><\/a>\r\n<figcaption class=\"wp-element-caption\">(Image credit: Sandip Roy on Unsplash)<\/figcaption>\r\n<\/figure>\r\n<p>\r\n\r\n<\/p>\r\n<p>The surge in private residential rents by 29.7% in 2022 has pushed some tenants towards more affordable HDB flats. Additionally, HDB upgraders purchasing uncompleted private condos often sell their existing HDB flats and rent temporarily to avoid the 20% additional buyer&#8217;s stamp duty on a second property. Despite these factors, early signs of stabilization in HDB rents are emerging in the fourth quarter of 2023.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>Looking ahead to 2024, <a href=\"https:\/\/www.huttonsgroup.com\/wp-content\/uploads\/HDB-Outlook-2024-Generic.pdf\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Huttons Data Analytics forecasts a continued, albeit slower, growth in HDB rents<\/a>, estimating an increase of between 5% and 8%. This projection comes in the wake of a lower number of new private and public flats completion compared to 2023, slightly reducing the supply of HDB flats for rent.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>Additionally, the launch of around 7,500 new private residential units in the city fringe and suburbs is expected to draw more HDB upgraders, potentially boosting rental demand for HDB flats temporarily. With an anticipated rosier economic outlook in 2024, the influx of S Pass holders may also contribute to this rental market dynamic.<\/p>\r\n<hr \/>\r\n<p>\r\n\r\n<\/p>\r\n<h4 id=\"h-conclusion\" class=\"wp-block-heading\">Conclusion<\/h4>\r\n<p>\r\n\r\n<\/p>\r\n<p>As 2024 unfolds, the private housing market in Singapore is set to experience nuanced shifts across various segments. This analysis provides a detailed overview of what stakeholders can expect, highlighting the evolving dynamics in sales, launches, and rental trends. With a stable market on the horizon, these insights offer valuable perspectives for informed decision-making in the realm of real estate investment and ownership.<\/p>\r\n<hr \/>\r\n<p>&nbsp;<\/p>\r\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>2024 is set to be a pivotal year for new property launches. Thirty-one developments are poised to enter the market, offering over 12,000 new private homes. The projected launch of 23 projects will introduce approximately 8,800 units, marking a significant uptick from 2023. Large projects, ranging between six to nine, are expected to dominate these&hellip;<\/p>\n","protected":false},"author":143,"featured_media":71702,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"27947,39539,31918,66384,51240,6952","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"no","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53601,53631,57131,53590],"tags":[55496,55557,53636,54628,57450,58284,58283,55987,58285,55960,53627,58276,58279,58278,53708,58277,58280,58282,58281,58286],"persona":[57125,57127,57126,57128],"class_list":{"2":"type-post","35":"entry","36":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - 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