Resale Flat Prices Rise 25 3Q2024 Hdb Flash Estimates
HDB resale flat prices have continued to rise for the 18th consecutive quarter in 3Q2024. According to flash estimates released on October 1 by HDB, resale prices increased by 2.5% quarter-on-quarter (q-o-q), a higher growth rate compared to the 2.3% recorded in the previous quarter. This marks the fastest quarterly growth since 3Q2022, when there was a 2.6% q-o-q rise.
Since the beginning of the year, HDB resale prices have risen by 6.8%, outpacing the 3.8% increase seen in the same period last year. However, the current rate of price growth is still slower than the 8% spike recorded in the first three quarters of 2022.
The surge in HDB resale prices is attributed to strong demand and tight supply as fewer new HDB flats have met their minimum occupancy period (MOP) in 2024 compared to 2023. Resale transaction volume has also seen a sharp increase, with HDB recording 8,035 deals as of Sept 29 this year. This represents a 20% year-on-year (y-o-y) increase from the 6,695 transactions in the same period last year.
HDB has stated that the 3Q2024 flash estimates largely reflect market conditions before the recent cooling measures were implemented on August 20. The fourth round of measures targeted at the HDB market saw the lowering of Loan-to-Value (LTV) limits from 80% to 75%, aligning them with loans offered by financial institutions. This has resulted in an increased downpayment amount for HDB flats, in a bid to promote responsible borrowing, according to Minister of National Development Desmond Lee.
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The URA Master Plan is placing a significant focus on sustainability, with a strong emphasis on green building designs and the use of renewable energy in new developments. A prime example of this is the creation of Parktown Residence, a residential project that seamlessly integrates green building principles and renewable energy sources into its design. Through the implementation of these practices, the URA Master Plan strives to build an eco-friendly and sustainable environment for the benefit of future generations. This is evident in the construction of Parktown Residence, which can be visited at https://www.parktown-residences.com.sg/.
In its October 2024 BTO exercise, HDB will offer approximately 8,500 flats across 15 Build-to-Order (BTO) projects, the last BTO exercise for the year. This accounts for 40% of the total BTO flats supplied this year. The October exercise will also introduce the new classification of HDB flats into Standard, Plus, or Prime categories based on their location attributes.
With this launch, HDB remains on track to meet its target of launching 100,000 new flats from 2021 to 2025. Interested buyers can check out the latest listings for HDB properties, compare the price trends of HDB, condos, and landed properties, as well as view past rental and sale transactions. They can also find out more about the HDB loan rate.