Private residential price growth eases to 1.4% in 1Q24

In 4Q23, prices rose by 2.8%.

The growth of private residential prices eased in 1Q24, growing by only 1.4%, lower than the 4Q23 record of 2.8%.

Data from the Urban and Redevelopment Authority (URA) showed that landed and non-land properties also saw a moderation in their respective price growths. 

In 1Q24, prices of landed properties rose by 2.6% (vs 4.6%), whilst non-landed properties rose by 1.0% (vs 2.3%).

Meanwhile, rentals of private residential properties decreased by 1.6% in 1Q24, an improvement from the 1.8% decline in 4Q23.

In 1Q24, developers launched 1,304 uncompleted private residential properties, excluding executive condominiums, for sale, up from the 1,060 units in 4Q23.

The quarter also saw more units sold at 1,164. Last quarter, developers sold 1,092 units.