Singapore’s residential market expects boost in sales, prices in Q4

The residential price index dropped 0.7% QoQ in 3Q from 0.9% growth in 2Q.

Strong demand for newly launched residential projects in Singapore may boost primary sales and overall property prices in the fourth quarter, following a decline in the third quarter, EDMUND TIE reported.

The residential price index dropped by 0.7% QoQ in Q3 2024, offsetting the 0.9% growth in Q2 2024, as buyers focused on more affordable condominiums and competitively priced new suburban units.

The landed segment experienced a 3.4% QoQ decline, reversing the 1.9% growth seen in Q2 2024, whilst the non-landed segment edged up by 0.1% QoQ, building on the 0.6% growth recorded in Q2 2024.

The increase in the non-landed segment was driven by a 0.8% increase in the RCR segment, though the CCR segment fell by 1.1%. Prices in the OCR segment remained unchanged in Q3 2024.

In the rental market, rates ended a three-quarter decline with a 0.8% QoQ increase, driven by a surge in rental transactions, which jumped 24.4% to 25,731 in Q3, up from 20,676 in Q2 2024.

“Residential rental rates are expected to remain stable as landlords and tenants bridge pricing expectations,” EDMUND TIE noted.

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