Property market to continue stabilising despite HDB, private home prices rising in Q1: Desmond Lee – The Straits Times

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SINGAPORE – There may be quarter-on-quarter variations in Housing Board and private home resale prices but the authorities expect the property market to continue stabilising, said National Development Minister Desmond Lee.

The Government will watch the trends very carefully over the next few quarters, added Mr Lee, who was speaking to reporters on the sidelines of the launch of the Greenfly Allotment Garden in Boon Lay on April 27.

His comments came a day after the release of the latest HDB resale and private housing data for the first quarter of 2024.

Prices of HDB resale flats edged up 1.8 per cent in the first three months of 2024, outpacing the previous quarter’s 1.1 per cent. This was the 16th consecutive quarter of price increase since the second quarter of 2020, according to figures released by the statutory board.

Meanwhile, private residential property prices rose 1.4 per cent in the first quarter, based on figures from the Urban Redevelopment Authority (URA).

“Season by season, quarter by quarter, there will be fluctuations in (HDB) resale prices. But if you look at the trends, year by year, last year’s resale price growth was much lower than the year before, 2022, and 2022’s lower than the year before that,” Mr Lee said.

HDB resale prices rose 4.9 per cent in 2023, lower than the 10.4 per cent increase in 2022 and the 12.7 per cent climb in 2021.

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