Singapore private resale home prices rise for third straight quarter in Q1

Resale prices grew by 1.4% in Q1 vs the prior quarter.

In a recent report, OrangeTee revealed Singapore private resale prices rose for a third consecutive quarter in Q1 2024, driven by price gains in the luxury segment. 

According to the Urban Redevelopment Authority (URA) Realis data, the average price of resale homes, including landed and non-landed homes but excluding executive condominiums (EC), rose by 1.4 per cent from S$1,668 psf in Q4 2023 to S$1,691 psf in Q1 2024 (Chart 1). 

Here’s more from OrangeTee:

Last quarter’s price increment was lower than the 2.3 per cent growth in the preceding quarter. The non-landed and landed segments both saw an increase in resale prices, rising by 1.4 per cent and 1.2 per cent quarter-on-quarter (q-o-q), respectively, in Q1 2024. 

Last quarter’s price growth was led by the prime districts or Core Central Region (CCR), where resale prices rose by 3.7 per cent from S$2,118 psf in Q4 2023 to S$2,196 psf in Q1 2024. This was higher than the 1.7 per cent quarter-on-quarter increase in Q4 2023 and the 0.1 per cent gain in Q3 2023. Prices had, in fact, dipped by 5.2 per cent from Q1 2023 to Q2 2023. 

Over the same periods, prices in the city fringe or Rest of Central Region (RCR) increased marginally by 0.5 per cent from S$1,783 psf to S$1,792 psf while those in the suburbs or Outside of Central Region (OCR) fell marginally by 0.3 per cent from S$1,447 psf to S$1,443 psf (Chart 2).