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Everything you need to know before buying real estate is included in our Singapore Property Pack
What do the latest numbers reveal about Singapore’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Singapore, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
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1) About 15% of resale HDB flats sold for over SGD 1 million in 2024
In 2024, about 15% of resale HDB flats sold for over SGD 1 million.
This trend emerged as resale HDB prices surged significantly in the third quarter of 2024. Prices jumped by 2.9% from the previous quarter, marking the fastest rise since 2022. Naturally, this price hike led to more flats crossing the million-dollar mark.
Alongside rising prices, the number of transactions also increased. In the third quarter of 2024, 8,035 units were sold, a 20% increase compared to the same period in the previous year. With more sales, the likelihood of high-value transactions grew.
Moreover, million-dollar HDB resale transactions hit a record high in the first nine months of 2024. There were 747 such transactions, a significant leap from the 463 recorded for the whole of 2023. This clearly indicates a trend of increasing high-value sales.
For potential buyers, this means navigating a market where high-value transactions are becoming more common. Understanding these dynamics can help in making informed decisions.
As the market evolves, keeping an eye on these trends is crucial for anyone considering a property purchase in the country.
Sources: PLB Insights, Smart Wealth, Readability
2) In 2024, singles bought at least 20% of HDB flats sold
In 2024, at least 20% of HDB flats sold were purchased by singles.
Back then, the Singapore government made it easier for singles to buy homes by introducing more flexible options. From mid-2024, singles who were Singapore citizens could apply for two-room flexi Build-To-Order (BTO) flats anywhere in the country. This change gave singles more choices and opportunities to own a home, making the property market more accessible to them.
The real estate market was also shaped by affordable housing initiatives aimed at keeping homeownership high, which was already over 80% among citizens. However, these initiatives also caused prices to rise in both public and private housing markets. As a result, singles found HDB flats to be a more affordable option compared to private properties.
In the first half of 2024, there were 13,845 HDB resale transactions, showing a lively market. Singles likely played a big role in this activity, especially with schemes designed just for them.
Sources: MoneySmart, Grand View Research, Smart Wealth
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of Singapore. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
3) Foreigners bought nearly 8% of private residential properties in Singapore in 2024
In 2024, foreigners snapped up nearly 8% of all private residential properties in Singapore.
This surge in foreign purchases is largely driven by high-net-worth individuals from China, Indonesia, Malaysia, and India. They're particularly interested in luxury developments and properties on the city fringe, which offer a blend of exclusivity and convenience.
Even with the Residential Property Act of 2005 in place, which imposes restrictions on foreign ownership and requires government approval for certain transactions, foreign investment in Singapore's condo market remains robust. This shows that the allure of Singapore's real estate is strong enough to overcome these regulatory challenges.
Singapore's property market is characterized by a high home ownership rate, with many locals owning HDB flats and condos. This stability and robustness make it an attractive option for foreign investors seeking reliable investment opportunities.
Sources: TechBullion, CEIC Data, SmartWealth
4) HDB resale prices increased by about 6% in 2024 compared to 2023
In 2024, HDB resale prices in Singapore rose by about 6% compared to the previous year.
This increase was driven by a strong demand for HDB flats, evident from the number of resale applications. By November 2024, there were 26,548 applications, with expectations to hit 29,000 by year-end. This was a jump from the 26,735 units sold in 2023, naturally pushing prices up.
Changes in the Build-to-Order (BTO) flat categories also played a role. The introduction of "Standard," "Plus," and "Prime" categories came with stricter resale restrictions, making centrally located resale flats more appealing to buyers.
Additionally, some buyers who were priced out of the private home market turned to larger or more centrally located HDB flats, further driving demand and prices.
These factors combined to create a market where resale flats became a more attractive option for many potential buyers.
Sources: ERA Insight, ERA Insight
5) At least 50% of private property buyers in 2024 opted for properties with 99-year leases
In 2024, over half of private property buyers in Singapore chose properties with 99-year leases.
This preference is deeply rooted in the historical structure of Singapore's property market, where 99-year leasehold properties have dominated since the nation's founding. The government hasn't introduced any new freehold projects, so most available properties naturally fall under the 99-year lease category.
For many buyers, these leasehold properties are more appealing because they are generally more affordable than freehold options. This affordability makes them attractive not just to investors but also to individuals looking to purchase their own homes.
Moreover, 99-year leasehold properties often come with better facilities and a wider range of options, enhancing their attractiveness. This combination of affordability and amenities makes them a popular choice among buyers.
Given these factors, it's no surprise that the majority of property transactions in 2024 involved 99-year leasehold properties. This trend reflects both market availability and buyer preferences.
Sources: Singapore House, Global Property Guide, Readability
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6) Resale prices for suburban properties rose by about 3% in 2024
In 2024, resale prices for properties in suburban areas in Singapore increased by about 3%.
This rise is part of a broader trend in Singapore's real estate market, which has been on a steady climb. The HDB resale market, in particular, showed strong growth, with prices rising by 2.5% in the third quarter of 2024, slightly up from a 2.3% increase in the previous quarter. This indicates a consistent upward trajectory in property values.
One key factor driving this growth is the popularity of larger HDB flats, like 4-room and 5-room units, and newer flats with leases starting from 2013. These newer flats saw a price increase of 3.7% between the second and third quarters of 2024, highlighting a strong buyer interest in these types of properties.
Singapore's real estate market is dynamic, with rising demand in both residential and commercial segments. Urban renewal projects and a growing interest in eco-friendly developments are also contributing to this vibrant market. These factors are making the market more attractive to potential buyers.
While cooling measures introduced in August 2024, such as the reduction of the Loan-to-Value limit for HDB loans, are expected to impact the market, their full effects are not yet visible. However, the market's resilience is evident as it continues to thrive despite these measures.
Sources: SRI Insights, Readability
7) Singapore's population growth of 1.5% in 2024 increased housing demand
In 2024, Singapore's population grew by 1.5%, reaching 6.04 million people by September.
This surge was mainly due to an increase in the non-resident population, which significantly boosted the demand for housing. More people moving to Singapore means more homes are needed, naturally driving up the demand.
As a result, property prices in popular areas began to climb. The Singapore property market saw this trend, where population growth played a crucial role in influencing housing demand.
In bustling neighborhoods, the competition for housing intensified, leading to a noticeable rise in property values. This trend was particularly evident in areas with high demand, where the influx of new residents was most pronounced.
For potential buyers, understanding these dynamics is key. The growing population and subsequent demand for housing are shaping the market, making it essential to stay informed about these changes.
Sources: LKYSPP, PropZen Consultant
8) In 2024, maintaining a private condo in Singapore cost an average of SGD 4,000 annually
In 2024, maintaining a private condo in Singapore cost an average of SGD 4,000 per year.
This might catch you off guard since the average monthly maintenance fees were about SGD 400, which should total SGD 4,800 annually. The discrepancy arises from several factors. For instance, the size of the condo and the amenities offered, like pools or gyms, can significantly influence the fees. Services such as security, cleaning, and landscaping also play a role in determining costs.
Interestingly, new condo projects had maintenance fees ranging from SGD 270 to SGD 650 per month. This range could lower the average for some developments, especially those with fewer amenities or more efficient management practices.
Despite these variations, there was a noticeable upward trend in maintenance fees. This was largely due to inflationary pressures and rising costs in labor, utilities, and business operations. These factors pushed many condo managements to adjust their fees accordingly.
Yet, the specific average of SGD 4,000 might reflect unique circumstances in certain developments. Some condos might have implemented cost-saving measures that helped keep their fees below the expected annual total.
So, while the average might seem low, it’s essential to consider the diverse factors at play. Each condo development can have its own set of financial dynamics, influenced by both internal management decisions and external economic conditions.
Sources: Ohmyhome, Condo Launch
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Singapore versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
9) Cooling measures in 2024 cut transaction volumes by 8%
In 2024, the government introduced cooling measures that led to an 8% drop in transaction volumes.
These measures aimed to make the property market more stable and affordable. One significant change was the reduction of the Loan-to-Value (LTV) limit for HDB loans from 80% to 75%. This adjustment meant buyers had to pay more upfront, discouraging speculative buying and promoting more careful borrowing.
To support first-time buyers, the Enhanced CPF Housing Grant (EHG) was increased. This made it easier for those from low-to-middle-income families to afford homes, providing a much-needed boost in a competitive market.
Another critical measure was the enforcement of the Total Debt Servicing Ratio (TDSR). This ensured buyers didn't take on more debt than they could handle, preventing financial difficulties and promoting responsible borrowing.
The Additional Buyer’s Stamp Duty (ABSD) rates remained unchanged for first-time buyers but were higher for those purchasing additional properties. This move further discouraged speculative investments, keeping the market more accessible for genuine homebuyers.
Sources: Redbrick, URA, Ron Chong Property, DBS
10) The government released 6,000 new BTO flats in 2024
In 2024, the government released 6,000 new Build-to-Order (BTO) flats to meet the rising housing demand in Singapore.
Back in December 2023, the Housing and Development Board (HDB) launched 6,057 BTO flats across eight projects in towns like Bedok, Bishan, and Bukit Merah. This initiative aimed to boost the supply of BTO flats, ensuring more Singaporeans could access affordable housing options.
Some of these projects were in prime spots, such as Alexandra Peaks in Bukit Merah and Ulu Pandan Vista in Queenstown. These prime location projects were under a special model offering extra subsidies to make them more appealing, especially with rising resale market prices.
The flats were distributed through a balloting process, with applications closing on December 11, 2023. This method ensures a fair chance for all applicants to secure a home in these sought-after areas.
For those eyeing a property in Singapore, these new BTO flats present a valuable opportunity. The government’s efforts to increase housing supply and provide subsidies in prime locations reflect a commitment to making homeownership more accessible.
With the real estate market constantly evolving, staying informed about such developments can be crucial for potential buyers. Understanding the dynamics of BTO launches and the benefits of prime location projects can guide your decision-making process.
Sources: Today Online, The Straits Times
11) Properties with sea views in Singapore are priced 20% higher on average than those without
In Singapore, properties with sea views are priced about 20% higher than those without.
Take Avenue South Residence as an example: a seafront unit was initially bought for $1,568,000 and later sold for a significant profit, showing how a sea view added considerable value to the property. Meanwhile, a non-sea-facing unit in the same development fetched a lower price, underscoring the premium that a sea view commands.
At The Seafront on Meyer, the price difference between sea-facing and non-sea-facing units has grown over the years. Back in 2012, the premium for a sea view was already between 10.89% and 16.78%, and this gap has only widened, reflecting the consistent demand for sea views.
Singapore's property market is known for its high demand and limited supply, which naturally drives up prices. Properties with sea views are particularly sought after due to their prime locations and the lifestyle they offer.
These sea-view properties not only offer stunning vistas but also promise a unique lifestyle that many find irresistible. The allure of waking up to the ocean is a lifestyle choice that buyers are willing to invest in.
Sources: Stacked Homes, Wise
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12) Private residential property prices have increased by at least 3% annually over the past five years
Private residential property prices have been on the rise, with at least a 3% annual increase over the past five years.
According to the Urban Redevelopment Authority (URA), the property index saw a 4.88% year-on-year rise in the first quarter of 2024. This is impressive, especially considering the market's slight slowdown from the previous year.
Global Property Guide reports a 47% cumulative increase in residential property prices from 2016 to 2023. Even after adjusting for inflation, this shows a strong upward trend in property values.
Trading Economics highlights that the Singapore Residential Property Price Index climbed to 204.50 points in early 2024, up from 201.50 points at the end of 2023. This steady climb reflects the ongoing demand and market dynamics.
Looking to the future, Rabobank's Housing Market Quarterly Report predicts an average house price increase of 9.1% in 2024 and 10.7% in 2025. This forecast suggests that the trend of rising property prices is set to continue.
These increases are driven by factors like demand, economic conditions, and market dynamics, making it a compelling time to consider investing in property.
Sources: Global Property Guide, Rabobank, Trading Economics
13) Properties near MRT stations in Singapore have a price premium of about 15%
Living near an MRT station in Singapore can mean paying a 15% premium on property prices.
This premium is largely due to the convenience and accessibility that these locations offer. Imagine being able to zip across the city without the hassle of driving or dealing with traffic. In a bustling city like Singapore, this is a huge perk.
When new MRT stations are announced, property values in the vicinity often see a boost. Properties within a 500-meter radius of a future MRT station tend to appreciate quickly, as buyers are eager to invest in the promise of future convenience.
Take the Downtown Line MRT stations, for instance. When they were announced, nearby condos experienced an average price increase of 18%. This surge happened even when general housing market trends were considered, highlighting the strong market response to new transport links.
It's not just about the current convenience; it's also about the potential for future growth. Buyers are willing to pay more now for the anticipated benefits of living near an MRT station, knowing it will likely enhance their property's value over time.
In essence, the MRT effect is a real phenomenon in Singapore's property market, where proximity to these stations can significantly impact property prices. Investing in such locations often means tapping into a market that values connectivity and ease of travel.
Sources: SG Luxury Condo, PLB Insights, Channel News Asia
14) Properties with park access in Singapore sell for at least 12% more than others
In Singapore, properties with direct access to parks sell for at least 12% more than others.
Living near green spaces like parks and nature reserves is incredibly appealing because they enhance mental health and well-being. The Singapore government actively integrates these green spaces into urban planning, making them a standout feature of the city.
Market trends reveal a strong preference for homes in quieter neighborhoods near parks. According to a 2020 study by PropertyGuru, there's a growing demand for homes with access to nature, showing that more people are choosing these types of properties.
Properties in integrated developments often include park access, which adds to their value. For example, developments like Cluny Park Residence and UE Square Residences are highly sought after due to their proximity to parks, boosting their appeal and price.
These integrated developments offer not just convenience but also connectivity, making them even more attractive. The combination of easy access to nature and urban amenities is a significant draw for potential buyers.
In essence, the allure of living near parks in Singapore is undeniable, with buyers willing to pay a premium for this lifestyle. The trend is clear: properties with park access are in high demand.
Sources: Stacked Homes, Property Giant
We have made this infographic to give you a quick and clear snapshot of the property market in Singapore. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
15) Properties in the Orchard Road area average SGD 3,000 per square foot
In the Orchard Road area, properties are priced at an average of SGD 3,000 per square foot.
This high price is largely because Orchard Road is part of Singapore's Core Central Region (CCR), where property prices are generally higher. For instance, new developments like Orchard Sophia have seen prices ranging from SGD 2,758 to SGD 2,895 per square foot, showing a consistent trend of high property values.
Orchard Road is not just any area; it's a prime retail and shopping district, which significantly boosts its attractiveness and value. In 2023, retail rents here increased by 1.4% quarter-on-quarter, highlighting the growing demand for space in this bustling area. This demand is further supported by a decrease in retail vacancy rates, indicating renewed interest and investment.
Looking ahead, market trends for 2024 suggest that retail rents on Orchard Road are expected to rise by 3% to 5% year-on-year. This growth is driven by a recovery in tourist arrivals and spending, which enhances the area's appeal and, consequently, its property values.
The combination of these factors contributes to the high average price per square foot in Orchard Road. The area's vibrant retail scene, coupled with its strategic location in the CCR, makes it a sought-after destination for both investors and homebuyers.
Sources: Savills, Savills, Global Property Guide
16) Nearly 90% of Singaporeans are homeowners, among the highest rates worldwide
In Singapore, nearly 90% of residents own their homes, making it one of the top countries globally for home ownership.
This high rate is largely thanks to the government's efforts through the Housing Development Board (HDB). The HDB provides subsidized housing options that are more affordable than private properties, allowing many Singaporeans to buy rather than rent.
Another key factor is the Central Provident Fund (CPF) system. This system lets Singaporeans use a portion of their CPF savings to purchase homes, but not for renting. This policy encourages home buying as a practical use of savings.
Home ownership is also a cultural cornerstone in Singapore. It's considered a right and is deeply embedded in social norms, with government policies making it accessible to most citizens.
These elements combined create an environment where owning a home is not just a possibility but a common reality for Singaporeans. The government's strategic initiatives and cultural values work hand in hand to maintain one of the highest home ownership rates in the world.
Sources: Trading Economics, WorldAtlas, SmartWealth
17) Singapore’s property prices have increased by an average of 3.5% annually over the past five years
In Singapore, property prices have been climbing steadily with an average annual increase of 3.5% over the last five years.
According to the Urban Redevelopment Authority (URA), residential property prices have surged by 47% from 2016 to 2023. This data highlights a consistent rise in property values, making Singapore an attractive market for potential buyers.
Looking ahead, CBRE forecasts a 3% increase in private residential property prices for 2024. While this suggests a slight slowdown, it still indicates a positive growth trend. In the first quarter of 2024, the nationwide private residential property index showed a 4.88% year-over-year increase, underscoring ongoing growth.
The Singapore government has implemented cooling measures like higher buyer's stamp duty rates and stricter loan-to-value limits to maintain a sustainable market. These efforts aim to prioritize housing for owner-occupation, yet the long-term trend remains upward.
Similar to Singapore, countries like Australia have seen steady capital appreciation over time, reflecting a broader pattern in global property markets. Despite regulatory measures, the demand and value continue to rise.
Sources: Global Property Guide, CEIC Data, Trading Economics
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18) A three-bedroom apartment in Singapore rents for about SGD 4,800 monthly
The average monthly rental for a three-bedroom apartment in Singapore is around SGD 4,800.
This price typically applies to private rentals outside the city center. In 2023 and 2024, rental prices varied widely based on location and property type. For example, a standard unfurnished three-bedroom apartment could cost around SGD 5,840 per month, but this fluctuated depending on whether it was a private rental or a subsidized HDB apartment.
HDB apartments, known for being more budget-friendly, might cost around SGD 2,800 per month. In contrast, private rentals outside the city center ranged from SGD 2,600 to SGD 3,000 per month. If you prefer living closer to the city center, be prepared to pay up to SGD 7,000 per month.
Location is a key factor in rental pricing. Premium areas like Marina, Orchard, and Bukit Timah command higher rents, with larger units ranging from SGD 6,000 to SGD 15,000 per month. Meanwhile, more affordable options can be found in areas like Woodlands, where a three-bedroom HDB apartment might cost around SGD 1,800 per month.
Sources: InterNations, Santa Fe Relocation, Wise
19) The government released 10% more land for residential development in 2024 than in 2023
The government has increased the land available for residential development by 10% in 2024 compared to 2023.
In early 2024, the Government Land Sales (GLS) programme offered sites for 5,450 private residential units, marking a 5.6% rise from the 5,160 units available in late 2023. This uptick highlights a growing trend in land supply for housing.
By mid-2024, the GLS programme further expanded, releasing sites for 8,140 private residential units. This brought the total for the year to 11,110 units, the largest annual supply since 2013.
Such an increase in land availability is a clear signal of the government's commitment to addressing housing needs. The substantial rise in units available is designed to meet the growing demand for residential properties.
For potential buyers, this means more options and possibly more competitive pricing as the market adjusts to the increased supply. The government's proactive approach aims to balance the housing market and provide more opportunities for homeownership.
Sources: The Continuum, URA Media Release 1, URA Media Release 2
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.