HOUSING and Development Board (HDB) resale prices in the first quarter of 2024 rose 1.8 per cent over the fourth quarter of 2023.
This represents a faster growth than the 1.1 per cent price increase observed in Q4 last year, based on HDB’s release on Friday (Apr 26).
Resale transactions for Q1 stood at 7,068 cases, up 8 per cent on the quarter and up 1.3 per cent on the year.
Meanwhile, the governmental agency highlighted that the HDB resale market is showing signs of stabilising, as HDB resale prices rose by 4.9 per cent in 2023, less than half of the 10.4 per cent increase in 2022, and the 12.7 per cent growth in 2021.
It noted that households should continue to exercise financial prudence in flat purchases as economic uncertainties linger and domestic mortgage rates are expected to remain at elevated levels relative to the low levels seen over the past decade.
The HDB rental market also slows down. For Q1, the number of approved applications to rent out HDB flats fell to 9,398 cases, down 4 per cent on the quarter and down 2.7 per cent on the year. As at the end of Q1, some 58,355 HDB flats were rented out, an increase of 0.3 per cent over the previous quarter.
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HDB also plans to launch about 19,600 Build-To-Order (BTO) flats in 2024. “In June 2024, HDB will offer about 6,800 BTO flats in Jurong East, Kallang/Whampoa, Queenstown, Tampines, Woodlands, and Yishun.”
While the flat supply is subject to review, HDB urges flat buyers to apply for an HDB Flat Eligibility letter early and submit all required documents by May 15 if they wish to participate in the June 2024 BTO exercise.
