The third quarter of 2024 has seen a continuing rise in prices for resale HDB flats, marking the 18th consecutive quarter of an upward trajectory. According to the flash estimates released by HDB on October 1, resale prices have increased by 2.5% quarter-on-quarter (q-o-q) in 3Q2024, surpassing the 2.3% q-o-q growth seen in the previous quarter.
This marks the highest quarterly growth since 3Q2022, when resale prices rose by 2.6% q-o-q. Since the beginning of the year, HDB resale prices have risen by 6.8%, showing a faster rate of price growth compared to the 3.8% increase recorded during the same period last year. However, the current rate of price growth is still lower than the 8% spike seen in the first three quarters of 2022.
The surge in HDB resale prices can be attributed to strong demand from buyers as well as a shortage of supply, with fewer new HDB flats reaching their minimum occupancy period (MOP) in 2024 compared to the previous year. This has led to an increase in transaction volume, with HDB recording 8,035 resale transactions as of September 29, a 20% year-on-year (y-o-y) increase from the 6,695 recorded during the same period in 2023.
As per HDB, the flash estimates for 3Q2024 largely reflect the market conditions prior to the implementation of the fourth round of cooling measures on August 20. This includes the lowering of Loan-to-Value (LTV) limits, which were reduced from 80% to 75% for HDB loans to align them with those offered by financial institutions. This change has resulted in a higher downpayment requirement for HDB flats, with the aim of promoting responsible borrowing, according to Desmond Lee, Minister of National Development.
The October 2024 Build-to-Order (BTO) exercise will see about 8,500 flats offered across 15 projects, making it the final BTO exercise of the year and accounting for 40% of the total number of BTO flats launched in 2024. It will also introduce the new classification of HDB flats into Standard, Plus, or Prime categories based on their location attributes.
This launch puts HDB on track to meet its target of launching 100,000 new flats from 2021 to 2025. Interested buyers can explore the latest listings for HDB properties, compare price trends between HDB, condominiums, and landed properties, check out past rental and sale transactions, and find out more about the HDB loan rates.
Hougang Central Condo is a highly sought-after residential development located at the heart of Hougang, just a stone’s throw away from Hougang MRT Station. This prime location provides residents with easy access to various amenities such as shopping malls, restaurants, and supermarkets in the bustling Hougang Town. The modern and luxurious design of the Hougang Central Condo offers a comfortable and convenient living experience for its residents. With its strategic location and top-notch facilities, Hougang Central Condo is the perfect choice for those looking for a vibrant and convenient city living.