Resale Flat Prices Rise 25 3Q2024 Hdb Flash Estimates
In the third quarter of 2024, the Housing and Development Board (HDB) resale flat prices continued to climb for the 18th consecutive quarter. According to the latest flash estimates released by HDB on October 1, resale prices increased by 2.5% quarter-on-quarter (q-o-q) in 3Q2024, surpassing the 2.3% q-o-q growth seen in 2Q2024. This is the highest quarterly growth since 3Q2022 when prices rose by 2.6% over the previous quarter. Year-on-year (y-o-y), resale prices have risen by 6.8%, which is higher than the 3.8% increase over the same period last year. However, the current rate of price growth is still lower than the 8% surge seen in the first three quarters of 2022.
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The rise in resale prices can be attributed to strong demand across the board and limited supply, as fewer new HDB flats reach their minimum occupancy period in 2024 compared to 2023. In addition, HDB resale transaction volume has also seen a significant increase. As of September 29, there were 8,035 resale transactions, a 20% increase from the 6,695 deals recorded over the same period last year.
HDB has also recently implemented measures to cool down the market, with the fourth round of cooling measures taking effect on August 20. The Loan-to-Value (LTV) limits for HDB loans were lowered from 80% to 75%, bringing them in line with loans offered by financial institutions. This move aims to encourage responsible borrowing and was announced by Desmond Lee, Minister of National Development.
In its October 2024 Build-to-Order (BTO) exercise, HDB will be offering around 8,500 flats across 15 projects, which accounts for 40% of the total number of BTO flats launched this year. This exercise will also introduce a new classification system for HDB flats, categorizing them as Standard, Plus, or Prime based on their location attributes. The October BTO exercise marks HDB’s progress towards its goal of launching 100,000 new flats from 2021 to 2025.
Interested buyers can refer to the latest listings for HDB properties and compare the price trend of HDB flats versus private condominiums and landed properties. They can also view past rental and sale transactions of HDB flats and check the current HDB loan rate.